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1. Briefly explain how firms compete/set price under -
2. Most recently, the price of oil has fallen drastically. Explain if this is a result of:
( Based on current oil pricing in the global market)
this table shows the short run production function for a competitive firm whos output sells for 20 a unit.l q0 01 22 63
If the market has an expected return of 10 percent, a standard deviation of 20% and the risk-free rate is 4 percent, what proportion of your money should be invested in the market if you want an expected return of 16%?
Identify and explain specific effects of price controls at given prices. Using the hypothetical information in the table on the market for gasoline, complete the following questions: Price of Gasoline (per gallon) Quantity Demanded
What are the pros and corns of a market economy in comparison with a command economy.
Why does a tax on a product that has a negative externality help get the market closer to the social optimum?How does the tax change the behavior of the consumer or producer?
Find all pure-strategy Nash equilibria in the game below. List each Nash equilibrium in (Player 1’s Strategy, Player 2’s Strategy) form.
What is the difference in annual worth between aninvestment of $100,000 per year for 100 years and an investment of$100,000 per year forever at an interest rate of 10% per year
Suppose the demand curve for a monopolist is Q=12-P and the marginal cost for the monopolist is MC=Q. What is the profit maximizing quantity and price for the monopoly - Calculate the profit of monopoly and deadweight loss
Illustrate what are the arguments in favor of trade restrictions, and what are the counterarguments. According to most economists, do any of these arguments really justify trade restrictions.
Suppose that Nike and Adidas are the only sellers of athletic footwear in the United States. They are deciding how much to charge for similar shoes. The two choices are "Low" and "High". The payoff (profit as million) 2X2 matrix.
Do you agree that the philosophy of social justice is preferable to the philosophy of market justice? Which is likely to lead to greater improvements in public health? Give an example or illustrations
Assume that more firms receive permission to drill for oil in Alaska and United States controlled waters. In addition, suppose that the popularity of SUVs declines in favor of smaller, more fuel efficient automobiles.
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