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1. A monopolist:
earns a profit in the short run and the long run.earns a profit in the short run but not the long run.can earn profits or incur losses in the short run.can never incur losses.
2. Why are patents important to those who hold them? Without patents, there will no longer be economies of scale in production.Patents act as a barrier to entry, allowing monopoly profits.Without patents, there would be considerably more price discrimination in the market.Patents actually do not matter because they do not guarantee that a firm will make a profit.
3. To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price.average total cost is minimized.per unit profits are maximized.
4. The profit-maximizing condition for a perfectly competitive firm is: MR = ATC.MR = AVC.P = MC.P = AVC.
If some auction participants for crude oil field leases have estimates that the oil in the ground is worth $1.2 million, $1.3 million, or $1.5 million with certainty; and other auction participants have estimates that the same oil f..
Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely com..
Externalities are 3rd-party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a 3rd-party.
The firm faces a constant marginal revenue curve given by:MR = 200 and how should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
Determine to the extent possible the relative market shares of these firms. Discuss the degree of concentration in the industry using CR4, other n-firm concentration ratios, H-H indices, etc.
A country is described by the Solow Model with a production function y = k1/2 where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%.
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
Guthrie Enterprises needs someone to supply it with 230,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract.
Determine the profit-maximizing average monthly production capacity for DermaPlus for each of the possible reference-based prices identified by the consultant. Estimate the expected monthly profit in each case.
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in a. a shortage of 80 units b. a shortage of 44 units
general electric which produces light bulbs, jet engines, washing machines, and so on, kinko's which has a photocopy store near many colleges and univesities, usx corporation which owns ore and coal mines, coke ovens, blast furnaces, mills, and foun..
Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency. 15) The fact that U.S. managers' salaries are substantially greater than tho..
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