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A. What are the key characteristics of monopolistic competition?B. If in the short-run, firms in a particular industry experience profits that exceed a normal economic profit, what signal does this send to firms outside the industry? If firms choose to enter or exit the industry, do they do so in the short-run or the long-run? Why?C. What is the relationship between a firm's attempt to distinguish or differentiate its product from competitors and price elasticity of demand?D. Compare an industry operating under conditions of monopolistic competition with an industry operating under conditions of perfect competition as it relates to price, output levels, and efficiency.E. Why is "Brand Name" important when a firm is operating under conditions of monopolistic competition? Is there a cost associated with the variety provided by firms operating under conditions of monopolistic competition? Explain.
The average cost per person for crashes in the Tampa, Florida, area was reported to be $1599. Suppose this average cost was based on a sample of 39 persons who had been involved in car crashes and that the population standard deviation is ? = $700..
Describe how the budget constraint of a household in a two-period model is affected by each of the following changes. In each case, do you think that the household is better off or worse off, or is the answer ambigous? If ambigous, what does the a..
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
If you used a first-price sealed bid auction and the optimal strategy for the participants was to shade their bid by 20% and the participants used this strategy, who would win and what would the winning price be Which auction should you choose ..
Explain if you are traveling to Europe in six months and you believe the Euro is going to appreciate against the American dollar, list two ways you could hedge this situation and protect yourself against the appreciation.
Utilizing the data, construct limits for x- and R-charts. Explain the process in control. Illustrate what other steps should the QC department follow at this point.
It goes on to say that using these three tools, the Federal Reserve influences the demand for and supply of balances that depository institutions hold at the Federal Reserve Banks, and in this way, it alters the federal funds rate. The federal fun..
Hinduism, Confucianism and Buddhism are three of the world’s great belief systems. Compare and contrast their impact on the societies that embraced them.
Your production line has recently been producing a serious defect. One of two possible processes, A and B, could be the culprit. From past experience you know that the probability that A is causing the problem is 0.8 but investigating A costs $100..
Determine the basis of the kinked-demand model? Describe the reason for the gap in oligopolist's marginal-revenue curve. How does this model explain price rigidity in oligopoly.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Discuss some polices the United States government could take to increase United States economic growth? Name two or three and describe why these would encourage growth.
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