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[A] What market structure is the most efficient for consumers and why?[B] If there is pollution in the lake, what would the government need to do solve the problem(relate to externalities)?[C] Explain why is strategic interdependence important for the market structure of oligopolies?[D] What happens in the market for oranges if there is a hurricane that destroys the orange crop(use supply and demand analysis with equilibrium price and quantity)?
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Explain the median housing price in a community
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.
Demand and supply schedules
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
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