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1) Explain why in a perfectly competitive market the firm is a price taker. Why can't the firm choose the price at which it sells its good?
2) Leskeista produces table lamps in the perfectly competitive table lamp market.
a) Fill in the missing values in the following table.
b) Suppose the market price of table lamp is $99. How many table lamps will Leskeista produce, what price will she charge, and how much profit (or loss) will she make?
c) If next week, the market price of table lamp drops to $40, bow many table lamps will Leskeista produce, what price will she charge, and how much profit (or loss) will she make?
d) Should Leskeista shut down its business in the short-run when the market price of table lamp stays $40? Explain your answer.
A lawyer who drives a beat-up car and wears frumpy dresses may have a hard time getting customers. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Each class member shall prepare a written report concerning the performance of a company of their choice and based upon observation period, offer forecast of companies' future sales and revenue
Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
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Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
When the CR = 80%, is the market efficient when the market behavior follows the price leadership model?
Write a brief report describing what shift factors of supply and/or demand might be at work and how you would label those factors. Conclude the report with your forecast of what would likely result one month after the publication of the article.
how do these factors affect the elasticity of demand and what would happen if there was a change in these factors
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
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