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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.
A. How do you know that the industry is in long run equilibrium?
B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
C. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
If the Bill and Melinda Gates Foundation were to buy out and destroy the patent for Combivir, which of the following would NOT be one of the effects? Monopolists typically prefer not to segment markets.
Many people believe trade deficits are a serious problem and need to be eliminated. Explain the three actions the Fed could take to reduce the trade deficit in the U.S., and explain carefully how these actions would result in a reduced trade deficit.
Show that each of these has a diminishing MRS but that they exhibit constant, increasing, and decreasing marginal utility, respectively. What do you conclude?
You plan to borrow $2,000 in order to take a vacation and want to repay the loan in a year. The banker offers you the following two alternatives of repaying the loan. (1) a simple interest rate of 12% with repayments in equal instalments six months a..
Answers the business economics questions, Capital markets enable us to spend large sums of money that don't belong us. Would it be necessary to create an internal capital market if a firm was to be led by market-based management? Explain.
Is it advantageous for all countries to utilize cheaper labor or does importing your goods.
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off
The costs of expected inflation cause productive resources of an economy to be directed away from their efficient allocation. Explain how each of the following costs of expected inflation distrot the allocation of productive resources:
Examine the effects of supply and demand of milk. How do markets operate to bring this product into existence? Think about how these different markets work together to create a new product. How does that relationship affect supply and demand for the ..
What is the dollar value of the invoices in exercise 13 if the dollar: a. depreciates 10 percent against the Australian dollar b. appreciates 10 percent against the British pound
She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per day. The price of uglifruits is 8 yen each. How much is Natalie's income per day?
Explain the difference between a person's nominal income and their real income. Why is real income more important to that person.
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