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Question 1:
A) In a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production? Why or why not?
B) Why do marginal and average cost curves take a "U" shape?
Question 2:
Define "Monopoly". Is it true that a monopolist will maximize profit where Marginal Revenue equals the Average Cost of Production? Why or why not?
Question 3:
Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm?
Question 4:
Why will firms not shut down as soon as the price of their product drops below the Marginal cost? At what point will most firms go out of business (shut-down) and why?
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
Perform a White test for heteroskedasticity using auxiliary regression
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
Demand estimation and forecasting and income elasticity of demand
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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