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Q1. Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers both individuals and organizations must make allotment conclusions. These 3 basic trade-offs include which goods/services are to be created, how to create them, also who gets them.
Q2. Briefly explain how these three trades-offs are determined using a good or service that you select and where the information about the product is found on the Internet:
•Which goods/services are produced in your example?•How will they be produced?•Who purchases them?
All costs of exhibiting movies are fixed except for the $3.50 royalty payment you must make to the film distributor for each ticket sold.
To build trust among virtual team members, managers should Deep-six the egos
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
A concrete and building materials company is trying to bring the company funded portion of its employee retirement fund into compliance with HB-301.
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
Now? suppose? that? the ?first ?firm? has? a ?capacity ?of ?2 ?and? the? second? firm? has ?a ?capacity ?of ?4.
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
A competitive advantage furthermore earns a life span income of $6 million moreover the non-steroid user earns $1 million.
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
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