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a) List the four assumptions for the Monopolistic competition model.
b) Draw a diagram that shows a representative firm in a monopolistically competitive market that is experiencing short-run economic profits. Label the areas that represent total revenue, total costs, and the profit. (For simplicity, only draw the average total cost curve; you need not draw the average variable cost curve.)
c) Now explain how the market will adjust in the long run and draw a corresponding graph for the representative firm in the long run. (Explain your answer.)
In article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
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Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
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Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
Application of Nash Equilibrium and Game Theory with examples
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