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1. Economists categorize an industry by three criteria: the number of firms in the industry, the type of product sold, and barriers to entry. Using these three criteria, describe a perfectly competitive industry.
2. Why does a perfectly competitive firm face a horizontal demand curve?
3. Define a firm's profit.
Econometrics. define the word and state in your own words what it entails
Since September the RIAA has filed hundreds of lawsuits against music pirates, claiming "egregious" copyright infringement and seeking up to $150,000 per violation. Many defendants have settled out of court for up to $10,000.
Algebraically solve for the competitive and socially optimal price and quantity combinations. Quantify the extent of the resource misallocation associated with the competitive solution.
Suppose that a model of the economy suggests that the real interest rate is determined by the equation r= 8.35-%^Y where Y is the level of output, so %^Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation targetI..
Formulate the maximization problem of producers of machines.
(a) Calculate profit-maximizing output (b) Calculate Price at profit-maximizing point (c)What is the variable cost function A firm has the following Price and Cost functions
A household's decision about what quantity of an output or product to demand depends on a number of factors. List them.
A firm is considering moving its manufacturing plant from Chicago to a new location. The industrial engineering department was asked to identify the various alternatives together with the costs to relocate the plant, and the benefits.
Suppose that the marginal product of the last worker employed by the Delicious Ice Cream Company is 300 units of output per day and the daily wage that the firm must pay is $50, while the marginal product of the last ice cream machine
Starting with the estimated demand function for Chevrolet: Qc = 100,000 - 100Pc + 2000N + 50I + 30Pf - 1000Pg +3A + 40,000Pi. Assume the average value of the independent variables changes to N= 225 million, I= 12,000, Pf= 10,000, Pg= 100 cents, A=..
Corporate profitability decline by 20 percent from 2008 to 2009. What performance percentage would you use to trigger executive bonuses for that year Why What issues would arise with hiring and retaining the best manager
Jane has decided to buy the mini-bus and set up a commuter service between Lincoln and Omaha. There are 1000 people who will pay $400 a year each for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation, e..
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