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Smith owns a tractor dealership and is the best sales representative of tractors in the United States. Her firm consistently earns a higher profit than any other tractor supplier in the United States. The tractor supply business is very competitive, yet Smith's dealership earns above-normal profits. Has the theory of perfect competition misled us in this case? Explain.
If a product has an income elasticity of 0.5 and income falls, what would happen to that good's share of the market?
Suppose that a firm's only variable input is labour. When the firm increases the quantity of labour employed from four to five, output rises by 2 units and total costs increase from $3,000 to $3,300.
1. What is the marginal physical product of the fifth worker? 2. What is the weekly wage of the fifth worker? 3. What does the price of output need to be in order for the firm to profit from hiring the fifth worker?
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
A price-discriminating monopolist of the 3 rd degree sells output in 3 different markets. Some, but not all pairs on the 3 linear market demand curves are given below.
Create a graph that shows Price on the Y-axis and Q demanded and Q Demanded and Q supplied on the X-axis.
Explain how each of the following would cause the yield curve to shift if between now and next year:
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Describe the US household is harmful to the economy with the use of AS-AD diagrams.
The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
Social Dynamo Corporation earned profits last year of $49 million on sales of $500 million. During the same period, its major competitor - EIO Corp.- enjoyed sales of $490 million and earned profits of $52 million.
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
Many home improvement retailers like Home Depot and lowes have low-price guarantee polices. Do these types of pricing strategies result in cutthroat competition and zero economic profits?
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