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We have learned that under the perfect competitive market, consumer surplus and producer surplus are maximized. Therefore, market is the most efficient. In some situations under an incomplete market, such as monopolist has more information (price and quantity) about the product than consumers, market will encounter a failure. That means, the market will be inefficient and there will be a loss of the total surplus. Research and give an example of an incomplete market, discuss why it is inefficient, and illustrate that is it due to a loss of consumer surplus or producer surplus?
Discuss the difference between them and explain the managerial actions that can influence the firm profitability.
If the basket of goods used to calculate the CPI is changed to reflect substitution to lower priced goods by consumers, it would result in:
Comment on the following statement: “The free market allows hospitals to enter markets too easily; and regulators can potentially improve social well-being by restricting entry.”
In the medical care sector, the decisions of what services should be produced, how they should be produced, how they should be distributed, and how to allow for growth and innovation must be made. What specific health care resources should be used to..
What is the present worth of each of the deals? Your company uses a MARR of 15% for this sort of analysis.
You are indifferent between 2 jobs, which differ in their danger levels and compensation. You can be a crab fisher in the Bering Sea, which pays $70,000 for a 3-month period, or you can be an accounting intern, earning $2,400 for the same period. The..
Elucidate how might firms "avoid" experiencing diseconomies of scale also illustrate what does the long-run average cost curve look like when diseconomies of scale exist?
What is the equilibrium price and quantity of apartment rentals in Lafayette? Suppose the government imposes a price ceiling of $150. What is the impact on the equilibrium outcome? Does this price ceiling necessarily increase consumer surplus? Explai..
Write about the long-term system. What is it? How does it work? Who pays for it? Who gets insurance? As much as you can - Passive Euthanasia in Sweden: This is the thing about helping people who are very sick and want to die.
A company is considering getting involved in electronic commerce. A modest e-commerce package is available for $29,000. If the company wants to recover cost in 2 years, what is the equivalent amount of new income that must be received every 6 months ..
When will the competitive firm shut down in the short run? When will it incur a loss but continue to produce? Draw a graph showing each scenario and explain.
Zar Island Gas Company is the sole producer of natural gas in the remote island country of Zar. The company's operations are regulated by the State Energy Commission. The demand function for gas in Zar has been estimated as: In the absence of any gov..
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