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Find the optimal quantity of labor supplied by a consumer who has a utility function for leisure (l) and “goods” (y) of U(l,y)=ln(l)+ln(y) , no non-labor income, a wage of 10, and 2000 hours of time.
Critically evaluate and explain: in monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.
Illustrate what will be the total consumer surplus to those consumers.
Explicidate that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale as long as there is some point that yields a positive profit.
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
Describe the business and its likely main competitors and how would you structure your advertising and customer service to differentiate your product/service?
Your manufacturing company is currently producing just enough of its best-selling Awesome Gadget X to me this year’s demand. The fore cast for the next year is in, and its demand is expected to double (1 million new units per yr.) and stay at this le..
How an airline executive might use tourism economics relating to passengers load factors, ticket prices discounts, frequent flyers programs, joint fares, flight frequencies.
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? How can patent encourage invention? Why do we say that a monopoly is inefficient?
Assume that the demand for chalk is p = 8 -0.1, where P is the market price and Q is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $..
Explain the two basic methods by which the unemployment rate is measured. Which is the more reliable? Explain your answer.
for five countries of your choice collect the gdp per capita from unstats.un.org any year and countries you like where
What will be the final level of production for the market (after a Cournot equilibrium is reached)? How much is produced by each firm?
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