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1.) What types of products are phone services and electricity?
2.) Why does a firm spend an enormous amount on advertising when the ads provide consumers virtually no information? For instance, what does the advertisement showing the Rock of Gibraltar and suggesting that we should "own a piece of the rock" tell us?
3.) Why do consumers pay twice as much for Bayer aspirin than for generic aspirin when they know that the two are chemically identical?
4.) What does it mean to say that a firm should devote resources to an activity as long as society values that activity more than its values the resources allocated to that activity?
5.) Using the following Marginal Revenue and Marginal Cost, determine the profit maximizing price and quantity:
OutputMCMR
0 0 0
1 $30 $80
2 $50 $80
3 $80 $80
4 $120 $80
5 $170 $80
6.) Explain why the rule MR= MC defines profit maximization.
7.) 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?
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
What are three main factors of production? Who are the main economic decision makers in a Markey system? Can firms and households resolve problems by cooperating with each other?
The major changes that have forced differences are changes in the place of women in society as more equal in terms of jobs and working, more out of wedlock births creating more single families, less stigma by society on men who do not participate ..
Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Now suppose that x 2 is also free to vary. Derive the demands for the inputs and the long-run cost function of the firm - Draw the two cost functions on the graph. Do they cross? Which one lies higher?
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
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