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It is a typical Christmas electronics shopping season, and makers of flat-panel TVs are marketing the latest available models through their own Web sites as well as via retailers such as Best Buy and Wal-Mart. Each manufacturer offers its own unique versions of flat-panel TVs in differing arrays of shapes and sizes. As usual, each is hoping to maintain a stream of economic profits earned since it first introduced these most recent models late last year or perhaps just a few months before Christmas. Nevertheless, as sales figures arrive at the headquarters of companies such as Dell, Samsung, Sharp, and Sony, it is clear that most of the companies will end up earning only a normal rate of return this year.
a) How can makers of flat-panel TVs earn economic profits during the first few months after the introduction of new models?
b) What economic forces result in the dissipation of economic profits earned by manufacturers of flat-panel TVs?
Assume that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost.
In 2005, The economist reported that France's real exchange rate had increased relative to Germany's real exchange rate during the preceding two years. How can this be true if both France and Germany used the euro as their currency.
Assume your bank increase its minimum-balance requirement for free checking on checking accounts by $500. You take $500 out of your passbook savings account
Specific Motors Company is one of the Big Three auto manufacturers in Transylvania. Specific's share of the domestic auto market is 55%. The next two closest competitors control 25 and 15% of market, respectively.
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You learn that the demand curve facing a monopolist can be written as P = 100 - 5Q, and the monopolist's marginal costs are constant at MC = 60. There are no fixed costs. Write down the equation of the marginal revenue curve for this monopolist.
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provided by the U.S. government How does such assistance help bolster support for free-trade agreements? Do you think workers who lose their jobs because of changes in trade laws deserve special treatment relative to workers who lose their jobs be..
Use the information on U.S. real GDP below to calculate real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
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