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A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
Illustrate a firm in this market structure that is making short run economic profits. Specifically identify/label the areas that represent total revenue, total cost, and profit.
Describe and illustrate long run equilibrium in this industry.
q1. consider an investment that will pay 680 per month for the next 15 years and will be worth 28000 at the end of that
Firm A would hire 20,000 workers if the wage rate is $12 and would hire 10,000 workers if the wage rate is $15. Firm B would hire 30,000 workers if the wage is $20 and would hire 38,000 workers if the wage is $15. Which firm is more likely to be unio..
Compute the arc price elasticity of demand for the price of paperback books falling from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
By showing the behavior of both a monopoly and a dominant firm in the same graph, show that monopoly profits are greater than the profit of a dominant firm in the no-entry equilibrium. Show how much consumers benefit from buying from a dominant firm-..
Calculate the Income elasticity of Demand first and then give your explanations for both questions
What generalization can you make asd to the relationship between marginal revenue and elasticity of demand? Suppose the marginal cost of successive units of output was zero.
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/3 Y2/3. If Px = $4, Py = $5, and Income I = $200, compute Mary’s utility maximizing consumption bundle. Show the utility maximizing consumption bundle on a graph.
Large-scale bankruptcies and corporate frauds resulted in the Sarbanes-Oxley (SOX) Act. Which provision of SOX do you think will have the most profound effect on improving the quality of financial reporting and why?
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit (minimize loss), the firm should
The management section of a formal solicited proposal includes
The price of equipment is 25,000 today. Determine the price of the equipment 3 years from now, if deflation rate is 2% in the first year and inflation rate is 1% in the second year and 4% for the third years
In a town of 120,000 potential "football fans," the football team draws the following attendees per game, at the various prices shown: If the team can charge ANY prices it wants (including different prices to men and women), what price(s) should it c..
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