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For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
a. Aspirin
b. Alicia Keys concerts
c. SUVs
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago (patents in the U.S. are valid for 20 years). Despite strong sales ($125 million last year) and a low marginal cost of producing the product ($..
E-Commerce to a certain extent are comprised of the same business models as traditional or brick and mortar businesses. One thing an entrepreneur must understand is how their business will earn money...ie a Revenue Model.
Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?
Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment and write an equation that describes the steady state of this economy.
BP did not own the deepwater horizon platform, but leased it from a company called Transocean. Would BP have paid more attention to safety if it owned,
What is the most common way modern labor unions use to raise wages? This will result in the fewest jobs lost if labor demand is elastic or inelastic?
Construct a table showing the (net) marginal revenue product derived from assembly worker employment and how many assemblers would Just Bikes employ at a daily wage rate of $100? Explain your answer and show all calculations.
President Bush’s approach to economics was very similar to that of President Reagan’s. explain the assumptions behind the theory of supply-side economics.
The market for health insurance and the market for health care are two market which are plagued with two source of market failure. This discussion will help you explain the difference in these markets.
Structures and Functions of Financial Institutions
Compare and Contrast an import quota and a tariff-rate quota (TRQ) in terms of how each one will impact exports, imports, prices, production, consumption and world trade using a THREE PANEL DIAGRAM.
The primary gain from international trade is increased employment in the domestic-export sector. more goods than would be attainable through domestic production alone. tariff revenue. increased employment in the domestic-import sector.
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