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Market Structures: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly Describe the following each one: 1. characteristics of the market 2. number of substitutes for the good 3. barriers to entry- legal, control of resource, financial 4. government involvement/regulation in the industry 5. government costs to control and regulate the industry 6. how do they price goods? competition? 7. how much of the good do they/should they produce? 8. profit? high or low? 9. real world example of a business in that industry 10. a lot of marketing and advertising? 11. price discrimination to different buyers
A recent study determined the following elasticities for Volkswagen Beetles:
The james bond movie for 1964 was goldfinger. The plot was quite simple: gold tycoon Auric Goldfinger tried to detonate an atomic bomb inside the U.S. Bullion Depository in Fort Knox, thus rendering the gold worthless for decades. Presumably this wou..
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Assume which an innovation reduces a industry's fixed costs also reduces cost from ATC to ATC. Before the innovation reduced the cost, the industry's maximum economic profit was
Assume there is a decrease in government purchases and exports. Currently there is a recessionary gap, which implies that
When you describe the optimal conditions explain whether they apply across all industries or are peculiar to a particular industry. Are these times tested? That is, have these conditions occurred over the past 100 or more years and continue today pos..
A large automobile manufacturing company is considering the installation of a high-tech handling system. The initial cost of the system is $30,000,000 and it is estimated it will save $7,500,000 per year in manual labor, and will incur $2,750,000 in ..
Explain what do you think McDonald's new launch will have a sustainable impact on its bottom line.
An ethically mature option is one where you creatively seek solutions that will achieve the greatest ethical good—help people reach ethical goals—for the greatest number of people. In order to meet your obligations to the company, decline the opportu..
Explain four major potential advantages of foreign direct investment for a developing country? Provide specific example of a developing country to depict at least two advantages
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
Suppose you are given the following Total Product Function: Q=100K^3/2 L^4/2 M^4/7,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Take the log of the above func..
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