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Why is an oligopolist more likely to be able to earn a profit in the long run compared to a monopolistic competitive firm? Describe the Diamond-Water paradox and the solution? Explain why price is greater than marginal revenue for a single-price monopolist and how this differs from perfect competition.
Use the Heckscher-Ohlin factor proportions framework with 2-factors, skilled and unskilled labor, to estimate the following arguments.
Expalin how does it estimate the demand for new products so that it can prepare a production run. Which is more important for your business: lower cost, quality, customer expectations, or some other feature.
In which direction with the substitution effect change the firm's employment and capital stock.
Explain how a firm's production function is related to its marginal product of labor, how a firm's marginal product of labor is related to the value of its marginal product.
Give a numerical example to show that a monopolist's marginal revenue can be upward-sloping over part of its range.
Your production line has recently been producing a serious defect. One of two possible processes, A and B, could be the culprit. From past experience you know that the probability that A is causing the problem is 0.8 but investigating A costs $100..
Suppose the price of housing increases to 3, but the price of food stays at 10. Rewrite Jane's budget constraint and draw it on a graph. Now suppose the price of housing decreases to 1. Rewrite her budget constraint again.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
What is the nominal exchange rate between the two countries and consumers become permanently more concerned about the future and decide to consume a smaller portion of their income.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Draw the aggregate demand and aggregate supply diagram four years from now provided your policy recommendations are undertaken.
Evaluate the price and the output information in the following table. Calculate the related total revenue and marginal revenue.
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