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1. When does a firm have market power?
2. Name and describe three barriers to entry to a market.
3. What are the characteristics of a natural monopoly? Why is it efficient for society for a natural monopoly to produce all the output of an entire industry?
(a) What will be the result when each firm chooses a high-price strategy (b) What will be the result when Firm A chooses a low-price strategy while Firm B maintains a high- price strategy (c) What will be the result when Firm B chooses a low-price st..
The flat aluminum bar shown in profile has a constant thickness of 10 mm. Determine the elongation of the bar caused by the 6-kN axial load using numerical integration. For aluminum E = 70 × 109 Pa.
Profit sharing is not widely practiced in the franchise business. What are its disadvantages relative to revenue sharing?
A firm is analyzing if entering into a market is profitable. A brilliant young economist, who is Director of Economic Research in this firm, has estimated that demand would be Q(p) = 100-2p. She has also estimated that the cost function would be C..
Assume that the firm has the property rights. If the government wishes to control the externality by imposing a tax, what should the tax be? How much revenue does it collect?
The electric and magnetic fields of the composite wave resulting from the superposition of two uniform plane waves
measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. what would the price elasticity of demand be if the economist had choosen to measure the price of gasoline in pennies rather than dollars
Explain why the fare reduction on the Kansas City-St Louis route may still be a profitable strategy for Southwest.
The human resource manager of the XYZ Company makes the followingclaim: "Our workers make an average of $500 per week. Weproduce $8000 worth of output each week using only 10 workers.
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, and firm 100. For firm j (j=1,2,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole econ..
What sum should you deposit into an account to yield 20 year end payments, starting with $10,000 at the end of the first year and increasing by 4% each year at an interest rate of 8% compounded quarterly.
Suppose a firm faces demand of Q = 300 - 2P and has a total cost curve of TC = 75Q + Q2 .
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