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A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale. Why is a perfect competitive firm associated with efficiency for both consumers and businesses?
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Find out the quantity at which profits are maximal. given that quantity, find out the price charged and monopolist's profits. (solve for answers using the equations)
What is statistical discrimination and why does it occur, Provide an example of statistical dis-eliminations. Is statistical dionimination likely to persist overtime or will it eventuly disappear. Explain
What do economists believe is the relationship between the price level (P) and real output (Y) in the short run and in the long run, and how does this answer differ depending on which time frame is being considered How are these beliefs reflected ..
The information technology field is very competitive, and a large information technology company has employed the bank for guidance. companies may have to compete for high quality IT professionals.
Name at least 10 goods and services for which the demand would be elastic or inelastic. What determines the price elasticity or inelasticity of demand of a good or a service Explain by referring to the list you have compiled. Submit your work in t..
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500 kw, have a life expectancy of 20 years and suppose the discount rate is 10%. If electricity can be purchased for costs of $0..
What is the maximum quantity of quarks it can produce and what is the opportunity cost of producing the first 600 quarks?
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
Explain why in a monopolistic industry, if demand and cost curves are the same as those of a competitive industry, and if the demand curve has a negative slope and the supply curve has a positive slope, then monopoly output will be lower and price..
The most common technology used for dry cleaning clothing uses toxic substances that, if disposed of in drains, will contaminate the water supply and cause brain damage in some people. The cost to society of these health effects has been estimated..
What policy did the Fed and other central banks around the world use to try to stabilize the economy during the financial crisis ?
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