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Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets. Discuss what firms try to maximize, what rule they need to follow to do this, and how this determines the amount they will produce and the price they will charge?
What are the advantages and disadvantages of the oligopolistic structure? How would an increase in a monopolist's fixed costs affect its profit-maximizing choice of price and quantity?
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
The industry has been very fragmented, so that few companies have the financial backing to make heavy investments in new technology and equipment.
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
Discuss how Internet security measures can actually create opportunities for criminals to steal, rather than prevent them.
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Discuss the opposing arguments as to whether consumer sovereignty should prevail in medical care.
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