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A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opinion. Draw a completely labeled graph to help you explain the shut down decision. Assume that the store is losing money; however, explain why they may want to stay open for a little while longer. (NOTE: Your answer should be a written explanation of your graph.)
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns Power Company has a monopoly for providing electricity in Springfield. His costs of upkeep are so high that he is persistently losing money. Show this outcome in a completely labeled graph. Clearly identify all parts of your graph including the best price and output for the firm as well as the losses.
Now, answer the following:
What happens to the market when Mr. Burns raises the price he charges?
Will this stop his losses? Why or why not?
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Which of the following market transactions of final goods and services are excluded from the computation of U.S GDP
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Suppose that the production function is y=ka, where y and k denote production per unit of effective labor and capital per unit of effective labor, respectively. Suppose also that the saving rate, the depreciation rate, the growth rate of the populati..
Suppose as a manager of a profitable department store you are confronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a price of $25 for a pair of Levis Jeans, and a low-end type customer that are w..
Peggy Sue's cookies are the best in world, or so I hear. She has been offered a job through Cookie Monster, Inc., to come to work for them at $125,000 per year.
Suppose that households in the US switched some of their wealth out of their checking accounts and into short term bank CD's. If banks use all excess reserves to support increased lending, what is the effect on this household behavior on the overall ..
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Illustrate what type of market structure is auto industry. Has consumer surplus been affected in any way due to changes in auto industry structure and if so, how.
Betson Enterprises distributes and markets the Big Buck video game, which allows players to "hunt" for elk, antelope, moose, and bucks without shivering outside in the cold. E-sports Entertainment in NYC purchased five machines for $6300 each and too..
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