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What is the effect on the price of a recordable CD and the quantity of recordable CDs sold ifa. The price of an MP3 download rises?b. The price of an iPod falls?c. The supply of CD players increases?d. Consumers' incomes increase?e. Workers who make CDs get a pay raise?f. The events in (a) and (e) occur together?
Since 1997, at least three million vehicles have been recalled due to air bag related troubles. Of these, roughly half were due to troubles of the sort that only time and road experience are likely to reveal.
If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P,
What is the TOTAL amount of output the firm should produce and approximately how much output should the firm allocate to market 1?
Calculate the price that the Plaza Movie House will charge for admission to movies in the long run and what will be the number of patrons per day at that price?
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Compute total revenues, total expenses, and profits both before and during the strike and Who was better positioned to endure the strike?
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
Calculate the following for Brian and Kim's firm
Does an increase in the average annual labour income imply that the individual worker's labour income has increased and
A monopolist that practices perfect price discrimination will choose an output level where marginal revenue is equal to marginal cost to maximise profit.
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
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