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In the case of consumer durables, we find that when the product is introduced, the prices are high, but over time the prices reduce. What is the pricing policy followed?
2. In the long run, the long run average cost curve is an envelope of the short run cost curves. Discuss the concept behind the same.
3. A company wishes to introduce a new flavour of tea in the market. Discuss how the company can forecast demand for the new flavour of tea.
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
An rise in the marginal propensity to will reduce the size of expenditure multiplier and therefore the IS-curve will shift to the
What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
Provide the advantage of dynamic pricing over fixed pricing and what are the potential disadvantages of dynamic pricing?
Explain the effects of the $26 a week increase in the minimum wage on the workers' surplus and the firms' surplus. Has the labour market become more efficient or less efficient? Explain and show the welfare measurement analysis in the graph.
how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
Illustrate out the term game theory? describe it with the situation in which game theory is applicable, along with any description of the two rival's strategies.
Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
The cost of labor goes down, the profits of firms will increase, and short-run aggregate supply will shift to the right.
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