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1. "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why?
2.Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3.What purpose does product differentiation serve from a firm's perspective?
4.What purpose does product differentiation serve from society's perspective?
Two point questions:
5. a) Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor, and
b) how that, in turn, affects its economic profit.
6.Suppose that a monopolistically competitive restaurant is currently serving 300 meals per day (the output where MR = MC). At that output level, ATC per meal is $13, AVC is $10, and consumers are willing to pay $12 per meal. What is the size of this firm's profit or loss? Will there be entry or exit? Will this restaurant's demand curve shift left or right as a result of the entry or exit?
You have been assigned the task of creating a multiple regression equation of at least three variables that explains Microsoft's annual sales. Consider using a time series of data of at least 10 years.
Calculate arc elasticity at the interval between P = 5 and P = 6.
Let us connect economic theory to actual events. 1. Find an article in a recent newspaper or magazine illustrating a change that will affect national output. 2. Analyze the situation using economic reasoning.
Identify a person in an organization, or event(s) that should be given credit for the relatively low, stable rate of inflation we've had in the United States since the late 1980s?
A special-purpose machine is to be depreciated as a linear function of uses (units-of-production method). It costs $35,000 and is expected to produce 150,000 units and then be sold for $5,000. Up to the end of the third year, it had produced 60,000 u..
the british phonographic recordingindustry is comprised of record labels that produce promote and distribute recorded
A certain large shipment comes with a guarantee that it contains no more than 15% defective items. If the proportion of defective items in the shipment is greater than 15%, the shipment may be returned. You draw a random sample of 10 items. Let X ..
The United States has been the largest exporter of corn for over 40 years. How can Economics and comparative advantage explain this? Other countries have no use for corn since they produce other foods.
Difference between adverse selection and moral hazards? Use detailed examples to explain what the two concepts imply. In the context of your examples, discuss how the problems associated with moral hazards and adverse selection can be resolved.
What qualities would ideally suit a monopolistic firm with regard to barriers to entry - Why would labor be treated as a variable cost?
Suppose 20 foreign workers with exactly the same skills and same education level asdomestic workers immigrate to country Omega and try to find a job. Holding everything else constant, what will happen to capital productivity in Omega
On the topic of ticket pricing
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