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1. Will an increase in the demand for a monopolist"s product always result in a higher price? Explain. Will an increase in the supply facing a monopsonist buyer always result in a lower price? Explain.
2. Caterpillar Tractor, one of the largest producers of farm machinery in the world, has hired you to advise it on pricing policy. One of the things the company would like to know is how much a 5-percent increase in price is likely to reduce sales. What would you need to know to help the company with this problem? Explain why these facts are important.
3. A monopolist firm faces a demand with constant elasticity of -2.0. It has a constant marginal cost of $20 per unit and sets a price to maximize profit. If marginal cost should increase by 25 percent, would the price charged also rise by 25 percent?
Adjust the graph to show the effects of improvements in farm technology. Explain the processes underlying these effects. You may clarify your response with hypothetical prices and quantities.
how many years will it take the dollar's purchasing power to be one half what it is now. if the general inflation rate is expected to continue at rate of 6% for an indefinite period
Define depository institution, and discuss types of depository institutions are found in the U.S. and how do they act as intermediaries between savers and borrowers?
How much labour should be allocated to plant Alpha and to plant Beta? And, at the best allocation, what is the output produced?
statements that best describes the idea of a “consumption vocabulary."People who have a larger vocabulary consume more .
Technological advance improves productivity in a purely competitive industry. This change will result in a shift: a.) down of the individual firm's MC curve, causing the market supply curve to shift to the left b.) down of the individual firm's MC cu..
What does Munger mean by the phrase "the price does the leading"? 3. Munger suggests several challenges that arise from the habit of anthropomorphizing the market. These help to explain people's apparent preference for central planning. What three..
Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
Critical Thinking: Last year Congress passed a bill creating a new national health care system that is not yet fully explained. What principles of economics relate to this decision Describe how each relates and what issues must we consider.
What is the monopolist's profit maximizing level of output? What price will the profit maximizing monopolist charge?
What will the economic impacts of maintaining lower CO 2 emissions in the aggregate for the Turkish economy?
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