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There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly. Briefly discuss the assumptions of each of these four models and give examples of each. Explain the long run economic profit earned by each of the four. Explain how the concept of economic profit might help explain the rationale for the government’s granting of monopolies to those firms that protect their product with a patent.
Suppose the marginal cost of production for a company is $6 at its current production levels. Suppose the price elasticity of demand is constant at -2 between prices of $10 to $15, if current prices are $10, is the company pricing at the correct opti..
Other factors remaining the same, what would happen to the supply of a particular product if the following changes occur?
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
Your task is to write a report that describes, explainsand analyses three relevant newspaper articles published in the UK national print press.
Given the estimate for own price elasticity is -4.5, and the upper and lower 95% confidence intervals are -.5 and -8.5, what is the standard error for the own price elasticity estimate?
Please label the x and y axes, the supply & demand curves and the equilibrium points. You do not need to use any actual numbers. Then, analyze how the changes described in each case affect the equilibrium price and quantity of airline tickets for eac..
What are the commonalities of mental health services and long-term care? What are the challenges both areas of care continue to face today and in the future?
You are planning to save for retirement over the next 35 years. To do this, you will invest $840 per month in a stock account and $440 per month in a bond account. The return of the stock account is expected to be 10.4 percent, and the bond account w..
question 1nbspbusiness economics is a useful toolbox for understanding the business environment and making better
Some economists argue that the price elasticity of demand can be used to determine whether a good or service is a luxury or a necessity. In medical case, a procedure with inelastic demand would be considered a medical necessity, while care with elast..
A firm has estimated the following demand function for its product: Q = 8 – 2P + 0.10I + A Where Q is quantity demanded per month in thousands, P is product price, I is an index of consumer income, and A is advertising expenditures per month in thous..
What is the effect of capital goods on capital stock for example if the price of capital god dropped what effect would this have on capital goods and capital stock ?
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