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1. Comparing the different models of pure (perfect) competition and oligopoly, what will be the effects or difference between the two in relation to:
1. Price
2. Output
3. Profits
4. Advertising
5. Efficiency of scarce resources
2. Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's. What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
Use supply and demand curve shifts to illustrate the effect of the following events on the market for apples. Make clear the direction of the change in both price and quantity sold
Government regulation is, at times, a result of market failure. The marketplace can often create efficiencies naturally through supply and demand. Unfortunately gaps of inefficiencies result in market dislocations. Thus governments believe they can r..
The money multiplier process gives us an idea of the maximum possible expansion in the economy's money supply. Can you think of a reason why the money supply might not expand to the maximum possible extent Think of some of the events that have occ..
Yolanda owns an art factory in Palermo, Italy. She is thinking of expanding her exports of large-size paintings of Italian cityscapes. She has had little difficulty recruiting new artists to Palermo to work a 40-hour week in the factory.
Is First Amendment free speech protection only afforded to the spoken word? Explain. 2. The 2007 PwC Report suggested three things companies could do to minimize accounting fraud. Discuss these suggestions. 3. Describe the three types of negligence c..
In the floating rate model, a change in the exchange rate is supposed to adjust NX(net exports), until the economy reaches an equilibrium state. However, evidence shows that the exchange rate adjustment process takes years.
What is the total fixed cost for the El Dorado Star? If the total fixed cost increases to $5,000, how many papers should be sold daily for profit maximization?
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
In cases in which the human subject is dissatisfied or a complaint about the researcher or Yes No procedure, will the researcher explain to the human subject that he or she may express this complaint to the Subject Coordinator?
How much quantity does each individual firm produce? Using your answers from a) and b), determine if an individual firm is making a profit or loss and calculate this amount.
Assume that the price of silk ties in a perfectly competitive market is $19 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10, Total cost $10 $17 $26 $37 $50 $65 $82 $101 $122 $145 $170
If technology advances so that computers become more useful to the firm.what happens to the marginal product of the two types of workers.
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