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(a) What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important? (Hint: consider perfectly competitive firms' demand curve, market power and long-run economic profits with these assumptions.)(b) In what condition will a perfectly competitive firm that incurs economic losses choose to produce rather than shut down in the short run? Why will the firm do so?(c) Should a firm produce at an output level at which long-run average cost is minimized? Explain. What is the economic profit that all firms earn in a perfectly competitive industry in the long run equilibrium?
Google rejects the idea that it's in the search advertising business, an industry in which it holds more than a 70 percent share of revenue. Instead the company says its competition is all advertising, a category broad enought..
Assuming that poor and rich countries have the same production function, illustrate how the poor country will converge with the rich country. Describe how this mechanism works. 2. In the data, countries with low living standards have capital-to-wo..
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
1. Suppose the government imposes a tariff on all imports. Use the DD-AA model to an- alyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs. 2-Suppose there is a permanent fall in private aggregate ..
Describe the Internal Environment, specifically the history and development of your organization-- its origins, path of development, competitive environment, inner structure.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
In Costa Rica, only a few beaches remain that are nesting grounds for sea turtles. Some of those beaches have communities situated near them; traditionally, the local people collected the turtle eggs and sold them for their purported aphrodisiac p..
Calculate the net present value and benefit-cost ratio for four different discount rates
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