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ABC is monopoly seller of aluminum in the United States and sells no aluminum on world market. It sells aluminum domestically for $2500 per ton and its average expense is $2200 per ton. The world price is $2000 per ton. (High tariffs prevent foreign firms from exporting into the U.S.)
True or False: "Obviously, ABC should not sell any aluminum on the world market." (Assume if it did it would have effect on the world price- the world market is perfectly competitive.) How if at all would your answer change if you know that ABC's technology had decreasing returns to scale? Explain.
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
Suppose you are an industrialist begninning a biotechnology company. If your research is successful, technology can be sold for $30 million. If your research is unsuccessful, it will be worth nothing.
In the summer of 1997, Congress and president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997,
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
Formerly, market for air travel in Europe was highly regulated. Entry of new airlines was severely restricted, and air fares were set by regulation.
Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
Fluctuating and rising gasoline prices. Make your analysis on this topic and relate it to the US economy. Determine the three or four segments of our economy that are affected through fluctuating prices for gasoline.
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
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