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In the highly competitive setting in which oligopoly firms operate, which of the following are considered to be typical temptations each may face?
A. to cooperate to generate and then divide up monopoly-like profits
B. to cooperate to mutually decide what price to charge
C. to cooperate to make decisions about what quantity to produce
D. to cooperate to act as a single monopoly and all of the above
Now suppose the economy currently produces 2,500 garments of clothing and 3,000 bushels of wheat, illucidate which is represented by point B. Under these conditions, the opportunity cost of producing an additional
Which of the following would cause an increase in long-run aggregate supply?
Why is the price elasticity of demand a relative measure? That is, why is elasticity measured in percentage terms rather than absolute terms?
A firm has fixed cost of 2,000.Its short-run production function is y+4X and one-half, where x is the amount of variable factor it uses. The price of the variable factor is $3,000 per unit. Illustrate where y is the amount of output the short-run..
The book discusses the Efficient Market Hypothesis (EMH) and its three forms. The EMH has a lot to do with information and stock prices. How does information get into prices? How do we know if prices reflect all available information?
In what ways have the problems caused by the recent economic crisis affected business firms? In what ways have these problems affected employees and individuals?
Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 i..
A firm's demand function is defined as Q = 14 %u2013 2P. a) Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. b) What is marginal revenue equal to between P=$3 and P=$4?
Suppose a fish population experiences logistic growth with growth rate r per year and environmental carrying capacity C. The population is harvested at a rate of h per year. What are the equilibrium for this model? Are they stable or unstable? What i..
Consider a box with width W, length L, and height H. Suppose you have to construct a box with the following constraint: W+L+H equal or less than 30. Suppose W has to be 12. What is maximizing volume of box? What should L and H be?
Maria is a hostess at a local restaurant. When she earned $8 per hour, she worked 35 hours per week. When her wage increased to $10 per hour, she decided to work 40 hours. However, when her wage increased again to $12 per hour, she decided to cut bac..
Choose a country and retrieve the latest data on its budget deficit/surplus and its current balance and explain the relationship. Do government budget deficits always lead to current account deficits? Identify two other possible sources for current a..
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