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1. Many of the things discussed in these first chapters implied rational behavior by consumers; in fact economics analysis depends on it. Does this application suggest that consumers do not always act rationally? If not, how do we make economic judgments?
2. Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit, give an example?
3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves you have seen in this chapter, which is more likely in businesses?
Neither one buys anything and one buys nothing, one buys the bundle - Draw on the reservation prices provided in Question 6 and assume mixed bundling.
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
Pick two similar small businesses in the same industry with which you are familiar, one successful and one not so successful. Describe them in a post, and compare and contrast these businesses. What is the difference in management style between the..
Include a brief explanation of each choice and indicate whether you were very sure of your choice or whether you thought the classification depends on how the market is defined. Write a classifying each of the following industries into the appropriat..
It is generally accepted that a fall in the price of a particular brand of a good could lead to less of it being demanded. Where the good in question has but two attributes: attribute 1 and attribute 2. Using Lancaster's characteristics theory in ..
Describe a situation of incentive misalignment that you have personally observed (ideally in your personal work environment, but could also be in a relationship, in the consumer marketplace, in public policy, etc.) and generally describe a way to ..
If the price of the imported TV sets was $300.00 in the US.At the beginning of the year, how much would you expect the price of the same imported TV to be in the US at the end of the year.
The Fed's decided to maintain its low interest-rate target in the face of a rightward shift of theAD curve in the late 1960s which led to an inflationary equilibrium. Discuss the short-run and long-run costs and benefits of the Fed's other two op..
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Assume that income is RM70. What is the price elasticity at P = 8. Also, calculate arc elasticity at the interval between P=7 and P= 8.
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