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1. Which of the following statements is true?
The more elastic the demand, the higher the profit-maximizing markup.
The more elastic the demand, the lower the profit-maximizing markup.
The higher the marginal cost, the lower the profit-maximizing pric
The higher the average cost, the lower the profit-maximizing price.
2. In the short run, a monopolistic competitor generally behaves like ____________; in the long run, the market structure becomes _________ competitive due to free entry and exit.
a monopoly; less
a perfectly competitive firm; less
a monopoly; more
a perfectly competitive firm; more
Write down the different costs associated with putting on an NFL game. Classify these costs as either fixed costs or variable costs. Assume that a single playing season constitutes the short run.
Given two countries (Uganda & Botswana) and two goods (Cars and Shirts) model, suppose Uganda is endowed with ten million workers and each of its workers can produce either five cars or ten shirts per worker. Politicians decide to open to trade. Whic..
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. A fixed cost is FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
A manager is attempting to assess the probability of a recession ending in the next six months and its impact on expected profitability. The manager believes there is a 33 percent chance the recession will end in six months and profits will return to..
organisational behaviour. Why is the relationship between age and job performance likely to be in issue of increasing importance during the next decade?
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
To avoid the problem of double marginalization
A company borrowed $200,000 at an interest rate of 10% compounded annually over five years. The loan will be repaid in installments at the end of each year in the amounts of: What will be the size of the last payment in year 5 that will pay off the l..
EverKleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service is standardized; each company cleans the pool and maintains the proper levels of chemicals in the water. At what output le..
Explain whether you agree or disagree with the following statement: “All else equal, businesses will generally plan more investment projects when interest rates rise, because higher investment rates mean businesses will earn more on those investments..
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
Why did most communities in the early days of e-commerce fail? What factors enable some online social networks to prosper today?
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