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Grocery stores and gas stations in a large city would appear to be examples of competitive markets. There are numerous, relatively small sellers, each seller is a price taker and the products are quite similar.
a. Is is possible these markets are perfectly competitive? How could we argue that the firms face a demand curve that is not perfectly elastic? Use the definitions and characteristics of the differenct market structures to justify your reasoning.
b. How profitable do you expect grocery stores and gas stations to be in the long run?
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 8, with the first withdrawal of $1000 with subsequent withdrawals decrease at the rate of 5% over previous year’s withdrawal? The interest rate..
Maintenance expenses for a bridge on the ohio river are stimated to be $20,000 per year for the first 8 years, followed by two separate $100,000 expenditures in years 12 and 18. the expected life of the bridge is 30 years. If i=6% per year, what is t..
suppose that there are two grades of professional football players. there are a restricted number of stars whom the
Georgia Mills Company (GMC) purchased a milling machine, which it intends to use for the next five years, for $180,000. This machine is expected to save GMC $35,000 during the first operating year. Assuming that GMC would operate the machine for an a..
Ohm Control Systems is a large manufacturer of control systems for the electrical power generation and distribution industry. Over the past few years, Ohm has watched overseas competitors take away market share with products that are priced lower and..
If in some country personal consumption expenditures in a specific year are $50 billion, purchases of stocks and bonds are $30 billion, net exports - what is the country's GDP for the year?
Predatory pricing is easy to prove in a court of law. An incumbent firm may experience a learning curve that allows it to produce at a lower cost than a potential entrant. A firm receives no individual benefit from strategies that raise the marginal ..
What are the effects of an increase in aggregate demand in the aggregate demand and aggregate supply model consistent with the Phillips curve.
Suppose First National Bank has $200 million of assets and $20 million of equity capital. If First National has a 2% return on assets (ROA), what is its return on equity (ROE)? Suppose First National's equity capital declines to $10 million, while it..
1. Who are the three best-known quality pioneers? Describe and then compare their individual contributions to quality. 2. Look through the ITT Tech Virtual Library and identify a major company that adopted one or more of the pioneers' strategies. Sug..
Goods and services sold in black markets, such as illegal0 drugs, are generally not included in GDP. Does this lead to misleading comparison between countries? Should these activities be included as a positive or negative in GDP?
Suppose that the cost of capturing a cockatoo and transporting him to the USA is $40 per bird. Cockatoo are drugged and smuggled in suitcases to the USA. Half of the smuggled birds die in transit. Each smuggled bird has a 10% probability of being dis..
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