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In theory, we know that a monopolist basis its price directly off of the demand curve, but in practice a monopolist cannot 'see' the demand curve. Explain how a monopolist might set prices, even without having explicit knowledge of the shape of the demand curve.
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every unit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optimal p..
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
Describe why alternative efficient allocations may have different total levels, and different distributions, of wealth.
What is the present value of growth opportunities or P/E ratios the price is at a point in time while the earnings occur over a period of time. It is, therefore, necessary to specify whether the earnings are for the trailing twelve month period (T..
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
Monopolistically competitive industries consist of a large number of firms, none of which has a large market share. Oligopoly is different. This market structure involves an industry that is dominated by a small number of firms.
Choose a United States multinational firm. In terms of currency denomination, discuss how the company values its revenues and costs.
Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.
The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1. How many units of nuts will Anthony demand?
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related. How do active and passive views of these concepts d..
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