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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraph
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
q1. what steps can a government take to ensure that sustainable development is always considered in assessing which
Why do economists use economic models when making predictions or assumptions about the economy? Which economic model do you believe is the most beneficial to YOU at the present time? Why? *Economic Models: circular flow diagram, production possibilit..
Using information given: What is average cost of first do these of a new drug. What about marginal cost of subsequent doses? Is this consistent with behaviour of costs for an information product.
A monopolist sells music CDs. It has a constant marginal and average cost of $20. It faces two groups of potential customers: honest and dishonest customers. Given that the marginal cost is constant and equal to the average cost, does the monopolist ..
Assume that the economy is initially in equilibrium at potential GDP. Use an AD-AS graph to show the effect of an increase in government purchases on the price level and the output level in the short run and in the long run. Explain what is happening..
In order to partially address the problem of obesity, suppose that the U.S. government is considering a tax on chocolate! Assume that before the tax, the market for chocolate is perfectly competitive and can be represented by: QD = 5000 – 25P, and QS..
Which of the following statements is true about teams? A company having global divisions such as apparel unit, cosmetics unit, and health care unit illustrates _____ departmentalization. Which of the following statements is true about job specializat..
Describe how the following statements relate to the AD–AS model:
Jim spends all his income on apartment rent, food, clothing, and vacations. He gets a pay raise from $3,000 a month to $4,000 a month. At the same time, airfares and other vacation-related expenses increase by 50 percent. How has Jim’s budget in term..
Recall the Application. During "happy hour," many bars and restaurants face an increase in demand for food and drink, and these establishments often cut prices during these times of increased demand. When this demand increases, the bars and restauran..
Which of the following will NOT shift the supply for tea?
Find the inverse demand curve. Find the price that maximizes revenue. Find the elasticity of demand when price equals 12, using a point elasticity.
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