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Suppose you manage a United States based firm that makes shoe laces that you sell in a highly competitive market (your shoe laces are considered a standardized commodity by your customers). Your marketing staff predicts that in the upcoming year overall industry supply will fall by at least 4 percent because some of your United States competitors cannot continue to compete with foreign suppliers, but market demand will rise at least 2 percent. How, if at all, should you alter your production plans for the coming year?
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
Fluctuating and rising gasoline prices. Make your analysis on this topic and relate it to the US economy. Determine the three or four segments of our economy that are affected through fluctuating prices for gasoline.
Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours o..
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Provide an example of the price discrimination for good or service which you thought it to unfair. Do you still believe that the discrimination is unjustifiable.
Which of following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Explain your answer.
Tetrangle Manufacturing has fixed costs of $2,160 per day. The firm manufactures bicycle component upgrade kits. What is the breakeven level of daily output for the firm?
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