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How can you justify the existence of government-granted monopolies for public utilities such as natural gas distribution and electricity in the light of traditional economic argument that the more competition there is, the more likely it is that an efficient allocation of resources will occur?
network externalities are often an important aspect of demand for information goods and services. (The benefits to customers of using software, participating in electronic markets, or using instant messaging increase with the number of other users..
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
What are issues in choice of functional form and what would be an alternate functional form that avoids these issues?
Toys Corporation has estimated its demand and cost function what will be theprice and quantity if Toys would like maximize profits
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
1.Flank defense: protecting a weak flack by erecting outposts 2.Contraction defense: giving up weaker territories and reassigning resources to stringer territories. what's the diffrence between Flank defense and Contraction defense?
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
Determie what geopolitical events helped shape John Maynard Keynes theories and how did they shape the future of economic policy in the United States and other Western nations?
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. what is the profit.
Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victory Visa charges 26% compounded daily, Magnificent Master Card charges 28% compounded weekly, and Amazing ..
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