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Consider the pizza market in a small college town with the following assumptions: - The market is in long-run equilibrium. - Each pizza shop sells 100 pizzas per week. (For ease of exposition, suppose that each shop sells only pizza and only one size.) - Fixed cost for each shop is $500 per week. - Price and elasticity for Salamandra's (s), Genoa's (g), Domino's (d), and Four Star (4) are: Ps = 11.00; Es = -2.2 Pg = 11.00; Eg = 2.75 Pd = 9.00; Ed = 1.8 P4 = 8.00; E4 = -2 Based on these assumptions, answer the following questions. a) What market structure best describes the pizza market in this town? Explain. b) What is average variable cost at this output level for each of the four shops? Explain how you derived this result. c) Based on your answers to questions 4a and 4b and the first through fourth assumptions from Step 3, are any of these four firms earning above-normal profit? Explain your answer. Show all of your work.
Analyze the most significant economic effects of the researched issues on healthcare industry. Provide at least two (2) examples of these issues to support your response.
Would domestic producers receive a sympathetic ear to calls for protection from Brazil's lower cost coffee - How is this case different from that of protection against cheap foreign labor?
should the club cover explicit and implicit costs? imagine that you are asked to consult with a drama club that puts on
Discuss the long run implications of monopolistic competition with respect to (a) utilization of plant, (b) allocation of resources, and (c) advertising and product differentiation. Compare this to the situation of perfect competition.
a company is contemplating the purchase installation and operation of a cogeneration system to offset the cost of
What factors affect the fuel efficiency of cars · To what extent would increased government involvement with regard to fuel efficiency affect the behavior of manufacturers · To what extent would increased government involvement with re..
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if consumption c 150 .8y investment i 35 govt. expenditures g 40 exports x 15 and imports m 10a. what is the
"Suppose Y = $200, C = $140, G = $25, x-m = -5, and T = $25. What is Sp? What is I?" Here is the answer:Yd = Y - T | C + Sp = Y - T | Sp = Y - T - C,Sp = Y - C - T = 200 - 25 - 140 = $35,I = Sp + (T - G) + (x-m) = $35 I = $35 + 0 - 5 = $30
Most prices are:
Suppose demand is given by QD = 100 – P and supply QS = P. If sellers pay a tax equal to 10, what is the after-tax supply? Compute the before-tax equilibrium price and quantity, the after-tax equilibrium quantity, and buyer’s price and seller’s price..
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