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III. Assume that the the market in the problems above is instead imperfectly competitive - let's say monopolistic competition. Please demonstrate your understanding of this market structure by listing an example price and quantity that a firm within the industry would set. Explain your answer. (Hint: Perfect competition and monopoly are boundaries for which imperfect competition exists between.)
Which of the following statements about unemployment and inflation is false? A. The short-run Phillips curve demonstrates a negative relationship between unemployment and inflation, whereas the long-run Phillips curve is horizontal because the nat..
If you (and everyone else) were certain that the exchange rate between dollars and pounds would not change over the next 180 days, what would you do? What would you have at the end of 180 days?
Can both monopolies continue endlessly? Why or why not for each example and what factors could cause the monopolies to end?
Production Level Capital VC$12 Labor VC$6 TVC MC AVC You are assigned the task of computing the variable capital and labor costs for Cost Cutters production level. Below is a table with the capital and labor requirements for ten different levels of p..
The owner of a fast-food restaurant estimates that she can produce and sell 1,000 additional hamburgers per day by renting more automated equipment at a cost of $100 per day.
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
a. Distinguish between explicit and implicit costs of your college education giving examples of each. b. What are your fixed costs Variable Costs c. Use a real-world example to explain the law of diminishing marginal productivity in your co..
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
For each of following cost-output relationships, explain the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions
Suppose you are the Chief Economist of Antitrust Division of the Department of Justice. There is a single manufacturer of streaming video services that has a patent on technology so that no one else can give the service.
It is supposed that the liquid soap market is perfectly competitive and current price of a case of liquid soap is $42.00. The firm has estimated it's marginal cost function to be as follows: MC=0.006Q.
Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.
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