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During the oil crisis in the 1970s, long lines at gas stations disappeared soon after price controls were removed and gas prices were permitted to rise. Should this even be interpreted as evidence that the oil companies have monopoly power? Why or why not?
Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
Consider the firms short run decision to hire workers. Suppose that a firm produces goods for sale in the perfectly competitive market. labor markets are competitive as well.
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
Define and explain technological advance, and describe how does technological advance enter into the definition of the very long run?
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
Discuss differing views of the same landscape in the context of globalization of culture and Internet accessibility. 200 words or more
If the marginal cost curve lies above the average cost curve, then the average cost curve must be sloping upward and the short-run cost function is always greater than the long-run cost function
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Consider the market for bicycles. The Total Cost function is given by TC = 100 + 10q + q2 and there are 20 firms. The demand function is given by P = 120 - q. However, there are significant externalities to the production of bicycles. The governme..
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
What factors might these types of stores have in common behind their declines? How would you determine which were important and which were not?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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