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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 words.)
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.
When Nick and his co-workers refused to accept pay cuts, his employer outsourced their programming tasks to workers in another country. This phenomenon is occurring throughout the programming industry.
Explain how do you go about drawing an indifference for such a utility function.
In March of year 2020, the Performance Marketing Company begins construction on a new warehouse.. This warehouse operation will be the only business activity of this new company (thus this is a small company with no other taxable income besides th..
Assume the role of regional integration in promoting global business of Kenya, Africa.
If the price of the good is less than 8, then each type 2 demands 24 - 3p; otherwise each type 2 demands zero. If the price of the good is 6, then the total amount of the good demanded will be
Could a labor union or a minimum wage law efficiently help to increase wages, rise employment, or improve working situations in a company
For the internet opportunity she anticipates costs for land labor and capitol of$ 3,250,000 per year as compared to revenues of $3,275,000 per year. Should she quit her current job to become an entrepreneur? If she does not quit her current job wh..
If the price index was 110 last year and is 121 this year, what is this year’s rate of inflation? What is the “rule of 70”? How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per year?
What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).
Determine whether the following linear programming problem is infeasible, unbounded, or has multiple optimal solutions. Draw a graph and explain your conclusion. Maximize 50x + 100y Subject to:
Elucidate why relatively flat as opposite relatively steep labor demand curves are more consistent.
Germany consumers have $50 in income "their gross domestice product". They spend $35 on consumer goods "$25 on Germany goods and $10 on imports", they save $8, and pay $7 in taxes. The government collects $7 in taxes and spends $10 on locally-made..
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