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A firm in a perfectly competitive market invents a new method of production that lowers marginal costs. What happens to its output? What happens to the profit it receives and the price it charges?
a. The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this? Explain why or why not.
b. Why should this employee probably choose to tell only some of the other firms rather than all of them?
c. What factors will determine the best number of firms to sell the secret to? (Assume that those who get the information keep the secret instead of selling it to still others.)
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Suppose that the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000.Family A has an income of $40,000 and Family B has..
I am planning giving a patent for a new drug. The public demand is given through: P=120-10Q, where Q is quantity of the drug and P is price. If the marginal cost of production is given by MC = 2Q,
The injections-withdrawals approach, complete the table again and demonstrate that the point you chose in question 4 is the equilibrium now.
Show whether each of the following statements is true or false, and explain why.
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If the organization wishes to restore sales to 10,000 per month determine the price they need to charge.
Does that mean that, by using the Phillips curve, is the unemployment rate zero when the rate of inflation is neither increasing nor decreasing?
In the early 20th century worker productivity in the Horndal iron works plant in Sweden increased by 2 percent per year over a 15-year period even though the firm did not invest in new capital. What might be the cause for the increase in producti..
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