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Identify specific examples of prominent computer hardware and software technological advances in the industry. Discuss two of the following points and apply that to your example.
• What is the effect of new technology on firms in the industry in the short run?• What is the effect of new technology on firms in the industry in the long run?• What is the effect of the new technology on consumers? Does that change from the short run to the long run?• What is the effect of the new technology on the greater society in the short run and the long run?
An increase in _____________ is an increase in the quantity willingly provided at any price, or (equivalently) a decrease in the price necessary to bring forth any particular amount to the market? An decrease in price in one market will (all else ..
Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached Graphs for Elasticity of Demand, Total Revenue.
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
In economics, when you plot cost and revenue on Price-Quantity axis, the profit maximization condition is when marginal cost is equal to marginal revenue. This is the crucial notion to understand.
Company M and N compete for market and decide independently how much to advertise. Every one can expend either $10 million or $20 million on advertising.
If there is asymmetric information what is the optimal strategy for the workers What is the optimal strategy for the firm Is the employment contract between the firm and the workers self-enforcing If yes, why If not, which would be a self-enforcing..
Choose an existing good or service from Will Bury's Price Elasticity, Incremental expenses, or Thomas Money Service Corporation scenarios, or choose an existing business with which you are familiar.
A fashion firm manufactures outfits using two inputs, design skills (L) and expensive materials (M). The cost of fabrication is small and might be ignored as a first approximation.
Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
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