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Economists assume that profit-maximizing firms operate in perfectly competitive markets. However, this assumption does not hold in today's global market, as there are many reasons why markets are not perfectly competitive. Refer to the principle of comparative advantage and production costs, and review the reasons why companies do not operate in a perfectly competitive market. • What output strategies might U.S. companies implement to remain profitable when competing with international companies? • How do market demand, costs, pricing, and competition impact these output strategies?
What is the confidence interval for the proportion of households represented at a town meeting. Survey of households in a small town showed that in 850 of 1,200 sampled households.
Suppose Bob owns a pizza place in a competitive market. If an additional worker will cost Bob $200 and offers marginal productivity of 40 pizzas, what is the marginal cost of producing a pizza? Show your work and explain your reasoning.
Two firms, A and B, have complete control of the supply of mineral water and both have zero costs. The market (inverse) demand function is given by: P = 200 – 10Q, where Q = qA (output of seller A) + qB (output of seller B). Assume each firm can sele..
Graph the dynamically efficient market for two periods on one graph and graph the dynamically efficient market for each period on it's own graph. Suppose the government sets a price control equal to 20.
Illustrate what will happen to the price of bonds also to money holding if the Fed changes the interest rate as a result of a decrease in the money supply.
What are the basic elements of health insurance? Define and discuss these elements. For example, what are risk and uncertainty and why are they important concepts in health insurance? What are the benefits and drawbacks to having employers as the pri..
Develop a production plan and calculate the annual cost for a firm whose demand forecast is fall, 10,300; winter, 7,600; spring, 6,600; summer, 12,300. Inventory at the beginning of fall is 515 units. At the beginning of fall, you have 35 workers.
A company expects to achieve cost savings of $4,500 the first year and amounts increasing by $800 each year for the next 5 years. At an interest rate of 10% per year, what is the total present worth of the savings?
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
In the Solow growth model, a higher savings rate is a good way to get higher GDP and higher GDP growth. The Solow growth model tells us that a flood of immigrants will, in the long run, raise interest rates and reduce wages. In world in which absolut..
Suppose the price elasticity of demand for heating oil is 0.2. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of the heating oil demanded? use the mid-point method.
Let’s say that there are many non-traded goods relative to traded goods. You are comparing the income of a rich country to the income of a poor country. For the poor country, do you expect PPP-adjusted income to be higher or lower than income calcula..
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