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Assume that all firms in a perfectly competitive market structure are in long run equilibrium. The demand for the company product rise. Initially, price and economic profits rise. Soon afterward, the government decides to tax most (but not all) of the economic profits, arguing that the firms in the industry did not earn them - the profits were simply the result of an increase in demand. What effect, if any, will the tax have on market adjustment?
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
Why there is so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency?
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
The following data is presented on two mutually exclusive projects under consideration by the XYZ Company: Compute the following values for each project using the time value tables and Microsoft Excel.
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
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