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Even if the firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Do you agree with this statement? Support your answer. Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude? Explain fully.
The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Illustrate what effect will this have on its optimal price.
If the government were to increase taxes on gasoline, what will happen to the total government revenue? Why? What are you assuming about the elasticity of the demand curve of gasoline? What is the formula for elasticity? Would the government make mor..
Consider two neighbouring island countries called Bertland and Ernamia. They each have 4 million labor hours available per week that they can use to produce wheat, clothing, or a combination of both. The table below shows the amount of wheat or cloth..
Explain how many cases of toothpaste should be produced in order to maximize profits. Illustrate what happens if its decided to raise prices unilaterally in this toothpaste market.
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi = 20). What is the industry's long-run supp..
Consider the five dimensions of service quality: tangibles, reliability, responsiveness, assurance, and empathy. Identify a recent service encounter you have experienced as a customer (either B2C or B2B) that you would classify as a generally bad exp..
Create an 3-6 page report, that includes an explanation and/or examples of: A circular flow diagram that includes the government sector. For this part of your paper, you should include a description of the roles that each participant plays in
What would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years?
An asset purchased for $50000 has a depreciable life of 5 years, and it has a terminal book (salvage) value of $5,000 at the end of its depreciable life. With the straight-line method of depreciation, what is the assets book value at the end of year ..
Suppose i = 3%. Find the value one month before the first payment of a level annuity-due paying $200 at the beginning of each month for five years.
Accounting profit is: A variable cost is one that changes: In the short run, which of the following is likely to be a variable cost to a physician? Production of Hollywood movies is an increasing cost industry. Which of the following contributes the ..
Assume a machine which has a useful life of only one year costs $2000. Assume, also, that net of such operating costs as power, taxes and so forth, additional revenue from output of this machine is expected to be $2300. What is rate of return on ..
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