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One of the lessons of economics is that "there is no such thing as a free lunch."That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.Explain a decision that you have made at work or concerning your career.Identify and explain the tradeoffs you faced.List the alternatives, identify the highest valued alternative, and explain the particular course of action you chose.
When the price of a good is $5, the quantity demanded is 100 units per month; when the price is $7, the quantity demanded is 80 units per month. What is the price elasticity of demand, using the midpoint method?
What are the facotrs involved? What were the circumstances? How was the dilemma handled? What were the consequences?
Calculate MC and then use the same equation to find out the new price. ¦e¦is the absolute value of demand elasticity and determine the breakeven output and total sales revenues and draw the cost-volume-profit chart.
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
Explain how you would modify the data in order to make it relevant to decisions a manager must make. Explain the major factors that affect the degree of competitiveness in your industry.
Indicate whether or not each of the following examples of business behavior are legal or illegal under current antitrust law, and mention whether violations under the Sherman Act, Clayton Act, and/or Federal Trade Commissions Act are involved. Pro..
Examining the current market situations of "Starbucks" competition can take many forms. value competition includes collusion, price leadership, loss leaders, price discrimination.
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
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