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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)
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.
In a speech, Professor Gregory Mankiw contends that our elected federal leaders should raise the gasoline tax. Not quickly, but substantially.
Elucidate the roles played by total utility and marginal utility.
Current machines have a 5 year life and were purchased 3 years ago at $1500000 - Invest $1 Million in upgrade costs to extend the life of the machines for another 5 years - Savings in labor resulting from upgrade, $300000 per year in 1st year doll..
Define Supplier-Induced Demand and propose a research study to identify the presence of SID and its effect on the utilization of physician services.
1. in 2003 a was 1507 billion dollars b was 7.274 billion dollars c was 2.054 billion dollars d was 1.624 billion
How would a downward change in the money supply affect someone personally How would it effect a person's career What impact would rational expectations have on a person's decisons in this situation
At a product price of $56, will this company produce in the short run explain why or why not? If it is preferable to produce, what will be the profit-maximizing or loss minimizing output
the following data are available for output q and long run total cost ltc for a firm. using appropriate calculations
Draw a real expenditures curve on a graph showing a recessionary gap. Explain what happens to real GDP when it is initially to the right of the equilibrium point and why. Indicate two public policies that would be appropriate for addressing this s..
Is the demand for electricity much price elastic when measured over a short period of time or a long period time. Explain.
"A substantial number of relatively unskilled persons reported that they can't find work. At the same time, there're many unfilled jobs for relatively skilled people. Apparently, the problem is that there're more unskilled peop..
A firm with costs C(Q) = 1,000 + 60Q + 0.1Q2 is able to price-discriminate-What would happen if it were forced to charge all its customers the same price?
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