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What is limit pricing? (a) Suppose your firm produces a product at a constant marginal cost equal to $1. Suppose the elasticity of demand is -3. What is the profit-maximizing price if one ignores the possibility of entry? (b) Suppose at the above price economic profits are quite large, so your firm can expect entry. Assume that if one firm enters it would increase the elasticity of demand from -3 to -4, while if two firms enter it would increase the elasticity of demand to -6. What do you recommend that the firm do to deter entry? Discuss briefly.
as monetary policymakers care more about inflation stabilization the slope of the aggregate demand curve becomes
Compare the two graphs for GNP for Techistan and Growthistan. What is the difference in the final value of GNP for each country and Plot the growth rate for Techistan and Growthistan on one plot.
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent ..
If the cost of producing Newton’s Donuts is constant at $0.15 per donut, should they reduce the price and thereafter, sell more donuts (assuming profit maximization is the company’s goal)?
The price of a stock is determined by the demand for and supply of that stock. Both demand and supply depend on investors' expectations of the future performance - future economic profits - of the firm.
find the opportunity cost (in tanks foregone) of producing the first, second, third, fourth, and fifth bridges. the production possibilities of tanks and bridges for a society.
17. assume a certain firm in a competitive market is producing q 1000 units of output. at q 1000 the firms marginal
how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school.
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.
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods ..
Two suspects are arrested and charged with a crime. The police lack sufficient evidence to convict the suspects, unless at least one confesses. The police hold the suspects in separate cells and explain the consequences that will follow from the a..
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