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If there is a natural monopoly
one firm owns all the natural resources in the production of a good, such as owning the diamond mines needed to produce diamonds.
there are close substitutes for the good but by nature they are the types of substitutes that do not compete with the monopoly.
it is cheaper for one firm to produce the entire industry's output rather than have two or more firms produce the same output.
one firm has the patent to the good.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese
Explain how the break-even quantities and operating leverages are affected by the relationships between fixed and variable costs.
Describe in words how a corner solution to the consumer's utility maximization problem differs from a conventional solution. Illustrate this description with an appropriate indifference curve diagram. (b) Thinking of your own consumption over the ..
Question 2. Suppose a worker has 112 hours a week, non-labor income of $150 a week, and a wage rate of $10/hour. Assume the price of consumption goods increases from $1 (implicitly assumed price) to $2. What is the effect of this increase on a..
Find the supply function for the hospitals and Suppose the hospitals merge into one umbrella organization to improve their bargaining position. What would the new price and equilibrium be?
You are comparing two potential mutually exclusive investment projects. You have calculated the expected NPV of project A to be $3,758 and that of project B to be $3,114. Can you be certain that you should recommend to your management to implement pr..
What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.
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With regards to the changes within the economic structure, how do politics and government regulation factor into the changes we see to economic activity on both a domestic and global scale What actions have either helped or hindered our progress
assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision
problem 1. perfect competition consider an industry in which there are 10 identical firms and 1000 identical consumers.
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
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