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Assume that all firms want to maximize profits, and that the price mechanism is allowed to freely fluctuate based upon market supply and demand. Appraise this statement: A monopolist will charge a lower price and produce a higher quantity of a good than would be the case if the industry were more competitive, and will result in an increase in efficiency and in an increase in social welfare that would be true if the industry were more competitive. HINT: Include concepts of consumer surplus, producer surplus and deadweight loss in your answer.
Sam’s utility function is U(x1, x2) = 2x1 + x2, where x1 is the number of units of good 1 he consumes per week and x2 is the number of units of good 2 he consumes per week. Sam has $200 a week to spend. If he belonged to the club, he could buy good 2..
george is seen to place an even-money 100000 bet on the bulls to win the nba championship.if george has a logarithmic
Federal laws governing compensation raise important issues for both employers and employees.
Suppose that a monopolistically competitive restaurant is currently serving 230 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal. What is the size of this firm’s profit ..
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.
Entrepreneurship is
Define national income as total income of all capitalists in a country plus total income of all workers (including immigrant workers) in the same country. Per capita income is defined as national income as defined above divided by all people in the c..
Suppose a small, relatively poor country decides to pursue trade and financial sector liberalization, opening up its economy to international transactions with the rest of the world in goods, services, factor services and assets. Assume it will follo..
React to the topic by summarizing a significant chapter and/or readings and an application of that chapter material to the subject. David Ricardo was worried that the corn laws (high taxes on imported grain) would seriously hamper the advancement of ..
Describe the budget constraint which she faces when deciding how many drinks to buy.
The market supply and demand functions for a product traded on a perfectly competitive market are given below: QD = 40 – P QS = -5 + 4P Based on this information, Calculate the equilibrium price and quantity in this market.
Let’s discuss the impact of proper contact with customers (face-to-face, via phone, written, or online communication) on a business. What are some examples of excellent service you've experienced?
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