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1. Suppose that the 6 firms in an industry have market shares of 35%, 20%, 15%, 15%, 10%, and 5%.
a) What is the four-firm concentration ratio in this industry? Show all calculations and explain what a concentration ratio.
b) What is the Herfindahl index for this industry? Show all calculations and explain what a Herfindahl index .
c) Suppose another industry has a Herfindahl index of 4000. What can you conclude about the relative competitiveness of these two industries?
Elucidate how might raise the chance that the employee would retire earlier as compared with the situation where the employee had to pay for his own health insurance.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
Perry is a freshman, he estimates that the cost of tuition, books, room and board, transportation, and other incidentals will be $30000 this year. He expects these costs to rise about $1500 each year while he is in college.
Illustrate what the pricing and non pricing strategies that firms rely on to compete in monopolistic competition and oligopoly market models.
If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, illustrate what combination of the three products should be purchased in order to maximize utility.
Explain how do you go about drawing an indifference for such a utility function.
As in the case of oligopoly markets, rivals may select to compete aggressively, non-aggressively or in non-price dimensions.
How much have prices risen between 2000 and 2010? Compare the answers given by the Laspeyres and Passche price indexes.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Is the economy of a big city more competitive than that in a small town or given neighborhood? How? Do you think your local grocer has monopoly power?
Presently you have to decide on a strategy - will PM Company simply sell its products (trade) or expand its markets via investment.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1 calculate the real wage rate.
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