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Consider the following goods and services. Which are the most likely to be produced in a perfectly competitive industry? Which are not? Explain why you made the choices you did, relating your answer to the assumptions of the model of perfect competition. Please address all of the examples below in your discussion. 1. Coca-Cola and Pepsi 2. Potatoes 3. Private physicians in your local community 4. Government bonds and corporate stocks 5. Taxicabs in Lima, Peru—a city that does not restrict entry or the prices drivers can charge 6. Oats
Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price i..
Suppose that your demand curves for gadgets and widgets are both straight lines but your demand curve for a gadget (DG) is much more elastic than your demand curve for widgets (DW). Draw a graph that illustrates your demand and transactions for gadge..
A profit-maximizing monopolist named Billy faces an inverse demand function described by the equation p(y) = 40 - y and his total costs are c(y) = 7y, where prices and costs are measured in dollars. In the past Billy was not taxed, but now he must pa..
q1. why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in
Suppose that product prices start rising but nominal wages do not. In that case,
Suppose that you leave a job that pays $40,000/year and use $10,000 of your savings that had been earning $500/year in interest in order to start your own business. In your business, you sell 450 units at $60/unit while paying $12,000 for capital cos..
From the e-Activity, assess how business leaders use managerial economics to make business decisions indicating how profits may be impacted.
The graph also shows the marginal revenue curve faced by this firm. Hypothetical cost and revenue curves for a computer producer. Explain how many computers will the monopolist sell to maximize profits.
A study noted that they charged a price for local telephone services that was roughly one-half of its cost of providing the services.
Illustrate what is the economy's MPC? It's MPS. Illustrate what was the APC before the increase in disposable income.
Examine the first diagram showing the monthly production possibility frontier for the Tivoli and the monthly production possibility frontier for the Frivoli. Which tribe now has an absolute advantage in producing spaghetti? Which has the comparative ..
Suppose the market for wine in the U.S is characterized by : Calculate the deadweight loss if the U.S Imposes a prohibtive tariff per unit of imported wine.
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