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1) Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
i) Pure monopoly
ii) Oligopoly
iii) Monopolistic competition
iv) Perfect competition
The demand function for product sold by an oligopolist operating in the short run is given below: Compute the profit-maximizing price and quantity, if the firm operates in short run.
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Perform a White test for heteroskedasticity using auxiliary regression
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
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