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1.) What types of products are phone services and electricity?
2.) Why does a firm spend an enormous amount on advertising when the ads provide consumers virtually no information? For instance, what does the advertisement showing the Rock of Gibraltar and suggesting that we should "own a piece of the rock" tell us?
3.) Why do consumers pay twice as much for Bayer aspirin than for generic aspirin when they know that the two are chemically identical?
4.) What does it mean to say that a firm should devote resources to an activity as long as society values that activity more than its values the resources allocated to that activity?
5.) Using the following Marginal Revenue and Marginal Cost, determine the profit maximizing price and quantity:
OutputMCMR
0 0 0
1 $30 $80
2 $50 $80
3 $80 $80
4 $120 $80
5 $170 $80
6.) Explain why the rule MR= MC defines profit maximization.
7.) How long has Wal-Mart made positive economic profits? How long has Starbucks earned positive economic profits? Has entrepreneurs been able to innovate and otherwise compete with Wal-Mart and Starbucks?
Compute the pre-merger HHI measures for each market. How would a merger affect the market's HHI?
It has now become common for firms situating assembly plants to make states compete for their industry; states and local governments often race to offer most generous tax profits.
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
The bank is constructing a new Internet banking strategy to entice new consumers to sign up. Your manager has asked you to contribute to this strategy through describing how money works.
What are three main factors of production? Who are the main economic decision makers in a Markey system? Can firms and households resolve problems by cooperating with each other?
Describe how the role of the government affects each market structure's ability to price its products and discuss the effect of international trade on each market structure.
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for production of cleaning agents.
Marketing mix is controllable set of activities that the firm employs to respond to the wants of its target markets. Make a report on the marketing mix and keep the following questions in mind:
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