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Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: (Wall-mart)
Identify the buyers and sellers as well as the goods or services.
How closely do real world conditions match the characteristics listed in the model?
Are the sellers price takers?
Do they compete using price?
Is the good in question standardized?
Is this market regulated by government in any way
Explain the competitive environment.
Our customers who choose to keep a car for an extra day are currently paying the same base daily rate. Do you see any potential in exploring alternative schemes? If so, what changes should we implement-shall we change the price for extra days? Wha..
Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor?
New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
When it is observed that as the price of Mercedes-Benz cars rises, the quantity demanded also rises, what might one likely explanation be? What accounts for specialization?
Explain the difference between accounting profit and economic profit. Include discussion of the distinction between explicit and implicit costs and how they relate to economic cost and opportunity cost.
Make a table showing the marginal cost of paper cup productions. What is the minimum price necessary for company to supply one thousand cups?
In the Reflection Before Action: The Statistical Consultant Confronts Ethical Issues article, the authors cite the American Statistical Association's Ethical Guidelines for Statistical Practice (see the section "Ethics Provides A Defensible Respon..
Pop Dillard keeps hundreds of dollars in his mattress, saying he's distrusted banks ever since the Great Depression. Does the money he holds in his mattress provide a service to him
Listen carefully to the following video and summarize the main points that he is making and to what extent is it related to Adam Smith's invisible hand
Describe the welfare costs of a monopoly and discuss the regulator organizations that monitor anti-trust in America. Name these organizations and their functions.
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