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Q1. "When the firms in the industry are just able to cover their cost of production, economic profit is 0. Consequently, if demand decreases, source prices are also decreases even a little bit, all of firms in industry will be focused out of business." Is it True or false? Explain.
Q2. For each of the following examples, explain why and how a Monopolist would try to price discriminate:
a) Air transport for businesspeople and tourists.
b) Serving food on weekdays to corporate people and retired people.
c) A theatre that shows the same movie to large families and to individuals and couples.
A street vendor reduces the price of gelato from $3.50 to $2.75, the number of gelatos sold per day rises from 600 to 750. What is the price elasticity of demand for gelato?
Illustrate what are open-market operations? How are they conducted to fight inflation and recession. Write your answers completely.
if customers also purchased French fries and a soft drink, Wall Street Journal reported that company was hoping novel promotion would revive its US sales growth. illustrate what do you think disrupted McDonald's plans.
Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n )?
Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
Write the print f C Code which will display the output with three spaces preceding it. Illustrate what is the marginal cost of the last bucking bronco produced.
Illustrate what the reason which individuals households at some time in their lives spend more than they earn and at other times save some of what they earn.
Describe the changes in price and quantity moving from one equilibrium to another. Be sure to identify what increases, what decreases, or what may do either.
If the number of suppliers in the micro calculator industry increases, illustrate what would we expect to happen.
Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
Calculate the cost elasticity of demand as well as for paint as well as show your calculations.
a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
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