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Suppose the market for smartphones is perfectly competitive with current price being $1OO/phone. If the demand for smartphone increases due to additional features available through higher bandwidth (Think of these as 5-G phones). What will happen in the long run? Show using two (side-by-side) diagrams of a representative firm and the industry. For simplicity, assume that the underlying cost structure doesn't change.
Do current politicians use to manage and influence to get reelected. Is this a "valid" use of political power.
1. in which market model would there be a unique product for which there are no close substitutes?a. monopolistic
Which statement most accurately captures the state of money today?
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
Why would a tax credit for mortgage intrest be worth more to lower income families than a deduction? Would you favor changing the benefit from a tac deduction to a tax credit? What other changes might you want to make at the same time? WHY?
The Washington Wizards basketball team began the 2012 season with 12 losses. Tickets to the game against the Blazers cost $1.69 and against the Heat were $26. Draw on the graph: 1- supply and demand for tickets against the Blazers, with appropriate p..
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
A new machine would cost $18,000, have operating costs of $1,000 in the first year, and have a salvage value of $10,000 at the end of the first year. For the remaining years, operating costs increase each year by 15% over the previous year’s operatin..
What technology available to produce your product suddenly improves. You should note whether the scenario indicates a shift of the curve or movement along the curve. You are a supplier of widgets.
The aluminum industry faces a private marginal cost curve PMC = 2Q and a market inverse-demand curve of PD = 60 – QD. However, production creates an externality with marginal damages of MD = Q. What is the resulting price that consumers face with the..
Alejandro scoobert owns a store specialization in soccer jerseys. Illustrate what was the value added to Alejandro store in 2008.
What would always happen in a competitive market if supply shifts out (or shifts right) and demand shifts in (or shifts left/down)? Why do firms earn zero profits in the long run in markets with monopolistic competition? Consider a perfectly competit..
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