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There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly. Briefly discuss the assumptions of each of these four models and give examples of each. Explain the long run economic profit earned by each of the four. Explain how the concept of economic profit might help explain the rationale for the government's granting of monopolies to those firms that protect their product with a patent.
q1. use the following general linear demand relationsqd 100 - 5p 0.004m - 5 pr where p is the price of good x m is
Suppose that an automobile costs $30,000 in the United States and 25,000 Euros in France. Further suppose that the exchange rate is .8 (one US dollar = .8 Euros).
Larger firms produce a product at larger average cost than small firms when:
Where p is the input price, and a, b, α, β > 0. Find the profit-maximizing price and quantity of the input the monopsonist will choose, and compare the analysis to that of the profit-maximizing monopoly
Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in..
In deciding whether to operate in the short run, the firm must be concerned with the relationship between price of the output and?
In the _____, the perfectly competitive firm will seek out ___________.
Which of the following is a possible outcome of a minimum wage imposed by a government??
Find average cost (AC), average variable cost (AVC), marginal cost (MC), marginal revenue (MR). What is the quantity that maximizes profit? What is the revenue and profit at that point?
Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A backstory for these preferences might be that he cares about total cal..
Elucidate how a profit from selling the drug. This is, in part, due to the fact to the company spent $1.2 billion developing the drug also obtaining FDA approval.
There are two firms (firm A and firm B). Both have zero costs. They SIMULTANEOUSLY choose quantities: Q_A and Q_B. The inverse demand is P = 18 – Q, where Q = Q_A + Q_B. Derive the equilibrium outputs. No points for solving for the Stackleberg/sequen..
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