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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraph
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
When airlines increase the number of safety inspections of their engines,
Suppose the unemployment is above the natural rate and the economy is at an inflation rate. How does the economy return to the natural rate of unemployment if this lower inflation rate persists?
Social Welfare: A social planner has decided to allocate income between two people so as to maximize the sum of utilities of persons 1 and 2 (W = U1 + U2). Determine the marginal rate of transformation of person 1’s income into person’s 2’s income, i..
Over the past several years, the predictions of the Philips Curve haven’t exactly panned out. Now, with the expectation of meaningful expansionary fiscal policy on our horizon, and starting from near full employment, the predictions of the Philips Cu..
Consider a single-price monopoly
At the beginning of the growing? season, Cecil planted 17 acres of wheat at a cost of? $5,057. Now it is harvest time. Each acre will produce 48 bushels of? wheat, and wheat sells for ?$4.75 per bushel. What does? cost-benefit analysis suggest that C..
Suppose that a company offers quantity discounts. If up to a 1000 units are purchased, the unit price is $10; if more than a thousand and up to 5000 units are purchased, the unit price is $9; and if more than 5000 units are purchased, the unit price ..
Tom has just been offered a job at $80,000 a year. He anticipates his salary increasing by 9 percent a year until his retirement in 40 years. Given an interest rate of 20 percent, what is the present value of his lifetime salary?
q1. use the internet to research an oligopoly not discussed in the text. from the e-activity describe the oligopoly you
Leaders in the Purchasing and Material Management field today and make two recommendations on how this challenge might be addressed to ensure organizational success?
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year.
When your first child is born, you begin to save for college by depositing $225 per month in an account paying 12% interest per year. You increase the amount you save by 2% per year. With continuous investment and compounding, how much will have accu..
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