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Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is 1.25. Then we know that:
a demand is inelastic.b marginal revenue is $2.c marginal revenue is $50.d demand is unit elastic.
There're 10 auto firms in this problem each showing their market share percentage (US auto industry). The proposed merger involves Ford 22% and BMW 1%.
For each of the following utility functions, draw the three indierence curves that correspond to the three stated utility levels, labeling each curve with the corresponding utility level. Label any intercepts or inks in the line to fully identify ..
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
What happens to social welfare (the sum of consumer surplus and producer profit) as a result of the threat of entry in this market? What happens to equilibrium price? What might this imply about the role of potential competition in limiting market..
What forecast would you make for the merged firms' profits and what explanation might there be for such a strategy? After the merger, what prediction would you make about advertising rates?
If your child is born today, how much will you need to put away per year, at end of each year through your child's 18th birthday, so that no additional payments need to be made after year 18
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
Apple recently launched the iPod nano under 2-different versions:2GB and 4GB. There are two types of customers of the iPod nano.
Define and explain technological advance, and describe how does technological advance enter into the definition of the very long run?
Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
how do these factors affect the elasticity of demand and what would happen if there was a change in these factors
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