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1. Which types of firms would normally maximize profits along with real-life examples?
2. A producer of ballpoint pens has been purchasing ink from an ink supplier and is considering acquiring the ink supplier. Would the pen company be more or less likely to vertically integrate by buying the ink manufacturer if the government taxes ink? Please explain.
3. A large city has nearly 500 restaurants, with new ones entering regularly as the population grows. The city decides to limit the number of restaurant licenses to 500. Which characteristics of this market are consistent with perfect competition and which are not? Is this restaurant market likely to be near perfectly competitive? Why? Are national restaurant franchised chains, perfectly competitive market structures? Restaurants with dress codes, are they considered to be perfectly competitive market structures as well?
4. BMW of Colorado advertises on the radio that it has been owned and operated by the same family and in the same location for over 30 years. It then makes two claims: first, that is has lower overhead than other nearby auto dealers because it has owned the land for the past 30 years, and second, it charges a lower price for its cars because of its lower overhead. Discuss the logic of these claims.
5. The "Upward-Sloping Long-Run Supply Curve for Cotton" Mini-Case shows a supply curve for cotton. Discuss the equilibrium if the world demand curve crosses this supply curve in either (a) a flat section labeled Brazil or (b) the following vertical section. What do cotton farmers in the United States do?
Consider the following market supply: QS = c, where c > 0. At price P = 0.5(a/b), the absolute value of the price elasticity of this market supply is [e]. (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not wri..
Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may use quantities two (Q = 2) through eighteen (Q = 18) by units of one (1) for your graph. What is..
The key condition for equilibrium to occur in a market is: A. the demand curve equals the supply curve. B. quantity demanded equals quantity supplied. C. price equals quantity. D. demand for one good equals demand for all other goods.
many police officer positions being advertised today require the applicant to have a college degree even though the
We use a number of contemporary technologies to enhance services that we provide for our customers. One such technology known as ____________ allows us to observationally track products and services in transport.
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -4, while group 2’s is -3. Your marginal cost of producing the product is $20. Determine your optim..
Suppose the US economy is in a recession and in our personal opinion, need to select a single strategy from this list. (monetary policy, fiscal policy, supply-side policy, or laissez faire policy) Which one is best to bring the economy back to full e..
The slope of the trade line is equal to the average of all possible trading prices. world price of the good on the horizontal axis. world price of the good on the vertical axis. productivity of labor in producing the good on the horizontal axis. oppo..
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
Explain how the religious revivals of the Second Great Awakening popularized the outlook known as perfectionism, which held that both individuals and society at large were capable of indefinite improvement. How did this idea of perfectionism relate t..
In some states, mining for coal leaves large amounts of rubble, which poses flooding problems; causes land damage also is unsightly.
A faculty member sells Gatorade at UNC Charlotte football games. He finds that if he raises his selling price by $1, he sells 5 less bottles each week. He turns over the operation to a Managerial Economics student for a week. She says she sold 30 bot..
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