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Suppose the market for good X has a four-firm concentration ratio of 0.50. Furthermore, assume that total sales in the industry are $1.2 million. Based on this information, we know that sales for the largest four firms in the industry equal (in aggregate):
$600,000.
$60,000.
$2,400,000.
$240,000.
What is the law of supply? Give an example of how you have observed the law of supply at work. What is the relationship of the law of supply and the supply curve?
A perfectly competitive market is described by the demand Q = 70 - 2p and the supply curve Q =5p - 20. A firm in the market has a total cost equation of C = 16+ Q^2 + 2Q. Calculate the equilibrium price in the market.
Illustrate what might you consider to be your "fixed factor". Illustrate what alternative decisions might you be able to make in long run.
Discuss the role and the effect of reputation on cooperative behavior by selfish individuals. Discuss the biological reason for cooperative behavior with relatives.
If the price increases by 10 percent, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?
On the grounds of economic efficiency, do you think such a proposal to raise taxes on gun and ammunition sales worthy of attention? Discuss in terms of appropriate economic models
A woman complained to "Dear Abby" that a laundry charged $1.25 each to launder and press her husband's shirts, but for her shirts - the same description, only smaller - the laundry charged $3.50. When asked why, the owner said, "Women's blouses cost ..
Before 1976, the airlines often denied boarding to passengers who were flying on urgent business in favour of passengers who were not in any particular hurry to reach their destinations. This would seem to be a cooperative failure.
A firm sells 10 units at a price of 20. The marginal cost of production for this firm is MC(q)=5+q. What is this firm’s Lerner Index?
Illustrate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.
After reviewing efforts to reduce the Deficit, discuss the actions in use by Congress since 1985 to reduce the budget deficits.
This change undermines the marketplace for the replacement which is about twice the size of the marketplace for T3MP.
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