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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs. (125-250)
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
Using the concept of opportunity cost, explain why in developed countries with higher average incomes there is more support for costly environmental controls.
In 2008, the price of crude oil (per barrel) set an all-time record of approximately $147 and then sank to near $40 by the end of the year. Since crude oil is a resource that is used in many industries
the demand for coffee is assumed to be p 15 - q units dont matter here. the domestic supply of coffee is p 2 q. the
Write a mission and a vision statement for British Petroleum (BP). Identify British Petroleum's (BP) key stakeholders and map these stakeholders in terms of the power/interest grid.
Define what is a change in the amount of a product that consumers will buy because of the change in price.
How do people earn income Should you just consider what you want to do without considering what others' value, especially prospective employers Who best determines what to do for a career, when to do launch and what to accept in wages
texas instrument once announced a price for random-access memories that wouldnt be available until two tears after the
Continue to assume that the U.S. government collects a 35% tax on all corporate profit earned in the United States and that the Mexican government collects a 20% tax on all corporate profit earned in Mexico.
Suppose you are in charge of a toll bridge that is essentially cost free. The inverse demand for bridge crossings Q is given by P = 20 - Q/3, where P designates the potential toll fee.
How does the liquidity premium theory of the term structure of interest rates differ from the unbiased expectations theory? In a normal economic environment
1. john has been in the habit of mowing willas lawn each week for 20.johns opportunity cost is 15 and willa would be
What are the particular problems associated with the firm represented by the SATC curve shown in the graph? Does it represent a firm that would be able to survive over time?
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