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You are a builder of fiberglass boats in very competitive markets. Fiberglass is derived from crude oil which has recently risen in price.
a. Using diagrams, show what happens to the cost curves of your firm and to the market supply curve due to the increase in oil prices.
b. What will happen to the equilibrium market price and quantity? How will the firm’s sales be effected?
c. What happens to the profits of your firm in the short run? What happens to the number of boat builders and your firm’s profits in the long run?
The economy for latest commercial equipment has dropped in the last seven quarters. You require a latest niche. You are the CEO. You will not fire anyone.
Elucidate the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
What would be ultimate impact on the equilibrium price also quantity in the market for oak tables if the price of maple tables.
Compare the market-wide result of the individual perfectly competitive firms' choices of profit-maximizing output level with the choice of the monopolist. Explain the implications of the break-up for the profitability of industry members, for soci..
Mention three businesses that you are familiar with or that you have dealt with recently. Decide on which market structure that these businesses fit – perfect competition, monopolistic competition, oligopoly, or monopoly. What characteristics were mo..
What technology available to produce your product suddenly improves. You should note whether the scenario indicates a shift of the curve or movement along the curve. You are a supplier of widgets.
q1. an average department store sells 350 mens suits every year. the mens suit departments at a particular national
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.
Three friends (Julie, Kristin, and Larissa) independently go shopping for dresses for their high-school prom. Upon reaching the store, each girl sees only three dresses worth considering: one black, one lavender, and one yellow. Provide the game tabl..
Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a composite good that costs $1 per unit. Draw a graph that illustrates the consumer’s budget constraint..
In 2010, 40% of all U.S. corn production was used for producing ethanol, while 60% was used for consumption in or as food products. In 2011, a prolonged drought reduced the overall production of corn by 30%, from 10 million bushels to 7 million bushe..
To give Mom a day of rest, Dad plans to take his two children, Bart and Cassie, on an outing on Sunday. Bart prefers to go to the amusement park (A), whereas Cassie prefers to go to the science museum (S). What is the rollback equilibrium to this gam..
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