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Explain the following in one or two paragraphs:
a. why in the long-run perfect competition, price is at a minimum average cost.
b. why marginal revenue is less than price in monopoly.
c. what is price discrimination and what are the conditions for it to occur and why
d. why is it that when technology is taken into account, we cannot be sure what market structure (perfect competition or monopoly) will be the lowest cost?
Suppose 2 television stations are offered 2 old Hollywood films: Casablanca and Son of Godzilla. The stations' willingness-to-pay for each is as follows: Station A WTP: Casablanca $8,000 Godzilla $2,500 Station B WTP: Casablanca $7,000 Godzilla $3000..
The following events occur in the market for good B, which is a normal good: Identify the impact of the event to the equilibrium price and quantity of each event.
In a repeated prisoner’s dilemma, a player that is playing tit-for-tat will:
In a two year setting Rod has earnings of $ 8 000 this year and earnings of $ 25 , 0 00 next year. He can borrow or lend at an interest rate of 25%. Draw his budget line including endpoints. What is the slope of the budget line? What is the inter pre..
You know that marginal cost of last unit is $30. Should industry continue to operate at a loss. Carefully elucidate your answer
Illustrate what is the gain in consumer's surplus for ABC fan that can get these sweaters at Target instead of at the ABC.
After bad experiences with a flexible exchange rate, the small open economy of Rivendell decides to fix it exchange rate. Suppose the economy of Rivendell has reached the long run equilibrium. Is trade policy more effective under a flexible exchange ..
Use supply and demand analysis where appropriate. Describe what will happen to the market clearing price and quantity. Make sure you explain your answers. As a part of your analyses, you should describe what happens to the supply and/or demand curves..
A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as..
Suppose that after the wage goes up in the Northern state, workers lose their jobs in the North and decide to move to the Southern state. This increases the population there. Adjust the graph to show what happens to employment and the wage in this So..
Everything else held constant, when the nominal exchange rate in units of foreign currency per unit of domestic currency decreases, the ________ domestic assets ________.
Illustrate what is the graph among utility and income,when marginal utility of income increases or deminishes.
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