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in 2006, Willem de Kooning's abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?"
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
How long has Wal-Mart made positive economic profits? How long has Starbucks earned positive economic profits? Has entrepreneurs been able to innovate and otherwise compete with Wal-Mart and Starbucks?
Some states have had laws restricting the sale of most goods on Sunday.oppose such laws because they find Sunday afternoon a convenient time to shop.
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
Formulate a linear programming model for this problem and prepare the initial tableau if the problem is to be solved using simplex
There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.
The phlebotomy lab is designed to accommodate 20,000 draws per year then what are the average and incremental costs of a blood draw when the volume is 20,000? 10,000?
The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Which is the considered a cause of inflation. Producers raise prices to meet higher costs,There is not enough money in the economy or else.
A firm in a perfectly competitive market invents a method of production that lowers marginal costs. What happens to output What happens to the price it charges A. The firm has an employee who threatens to tell all other firms in the industry about..
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