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Problem
In both perfectly competitive and monopolistically competitive markets, when firms are making positive economic profits, other firms will enter until price equals ATC and profits are zero. Despite these similarities, in a perfectly competitive market total surplus is maximized, while in a monopolistically competitive market surplus is not maximized. Explain this difference.
What would be a possible event that could eliminate or reduce the disequilibrium in the market for shoes
A perfectly competitive industry has an inverse demand for its output given by p Q =? 100, and its supply function is given by MC Q = + 30. The process of making Q also generates pollution, g, in the amount g Q = ? 0.5, and the total external cost of..
Respond to each of the following questions (150-200 words each) that apply the economic concepts described in this topic's assigned readings in The Economics of Health and Medical Care. Write the formula for price elasticity of demand and describe..
Suppose industry abatement costs rise from $850 million in 2011 to $1,000 million in 2012 in nom- inal terms and that the CPI is 100 in 2011 and 106 in 2012. Evaluate the change in costs over the period in real terms, first in 2011 dollars and th..
Discuss whether firms in other market structures consider the potential reaction of competitors when making important marketing decisions.
Assume that your current income is $50,000 per year and you expect inflation to be 5 percent over the next year a. What must your nominal income be next year for your expected real income to remain unchanged? Briefly explain how you arrived at your a..
The government decides to impose a price ceiling of the different economics $30. Illustrate graphically the different economics effects of such intervention.
Does Australia face an increasing opportunity cost of ethanol? What feature of Australia's PPF illustrates increasing opportunity cost? Explain - Draw a graph and analyse what would happen to the domestic supply of rice and supply curve, consumer ..
A monopolist faces the demand curve Q = 60-P/2. The cost function is C=Q2. Find the output that maximises this monopolist’s profits. What are the prices at profits and that output? Find the elasticity of demand at the profit maximising output.
Suppose that a firm has a marginal cost function given by MC(q) = q + 1. What is this firm's total cost function? Explain why total costs are known only up to a constant of integration, which represents fixed costs
suppose a firm faces the following demand for their product p100-q. further assume that the marginal cost to produce
What is the equilibrium Price and Quantity in the market and describe what would happen in this market in terms of the supply and demand curve.
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