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1. Why does entry and exit of firms occur in the long run and not in the short run?
2. Using appropriate diagrams, discuss the role or importance of exit and entry conditiontions in a perfectly competitive market?
3. What is the significance of the shut-down price or point. Explain using a diagram.
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
Indicate the types of price discrimination for the cases below. Based on the above examples, explain the difference between these types of price discrimination. Case A1. Gino Pizza offers a lunch special: 5.59$ for a grilled chicken sandwich, a bottl..
q. a business employing 8 workers to produce commemorative t-shirts for campus events organizations. they are currently
calves and burying them in mass graves rather than transporting them to markets. Elucidate what economic factors may influence such behavior.
A person can choose to work any amount from 0 to 52 weeks per year at a wage of $1000 per week. Draw her annual budget constraint, representing total annual consumption versus annual weeks of leisure.
How each market participant cares only about their own self interest rather than about the overall efficiency of resource us
Discuss which economic theories or relationships you have studied up until now (not just in this class – in all your economics classes) that could be estimated using the multiple linear regression model. Explain your rationale.
Assume that over a range of prices, the price elasticity of demand varies, total revenue curve over these two ranges of the demand curve as price fall.
In the classical model if there is a decrease in capital stock, what are the effects on labor demand, real wages, and output? (Increase or decrease) What are the effects if population decreases?
What strategies are proposed in the Babson College competition to obtain control over market price? Given the competitive nature of consumer products industry, why do you believe firms spend millions on Super Bowl and other primetime ads? How would a..
Look at the two tables below. What is the total surplus if Bob buys a unit from Carlos? If Barb buys a unit from Courtney? If Bob buys a unit from Chad? If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactio..
Assume that the supply of labor to some industry is inelastic at Es, and that the industry has a standard, negatively sloped labor-demand curve. Depict the equilibrium. Now suppose that the government mandates that every employer must pay each worker..
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