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Some economists believe that the world market for some raw materials (like cotton) comes close to a perfectly competitive market.
With reference to the world market for cotton, briefly explain THERE reasons why the world market for cotton comes close a perfectly competitive market.
Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household.
The own price elasticity of demand for apples is -1.2 if the price of apples falls by5%, what happen to the quantity of apples demanded?
Mar ´ia lives in the beautiful country of Inflationlandia. She earns 30 million pesos a month. She only consumes hamburgers and buns. The price of a dozen hamburgers is 2 million pesos and the price of a dozen buns is 1 million pesos. Graph her budge..
A number of additional conclusions can be drawn from the fact that the marginal revenue curve associated with a linear demand curve is also linear and has the same price intercept and twice the slope of the original demand curve.
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonalds, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the prod..
Avocado farmer, Mrs. Henny Brown is worried about wealth transfer also unjust taxation.
Apple Inc is planning on launching the new iWatch product in April 2015. The Marketing Department has determined the initial demand function by using regression modeling over the last 12 months. The initial demand function for the iWatch is estimated..
The market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
Suppose a monopolist's demand is given by the function P=25-3Q. Let the total cost of production be 7Q+28 for positive levels of output, and zero otherwise. Illustrate what is the profit maximising output.
Suppose that the firm has determined its profits-maximizing level of inputs in the short-run. Now the price of a fixed input goes up. How will this change the behaviour of the firm? What will happen to profits? Why?
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