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1. Strictly speaking, pure competition never has existed and probably never will. Then why study it?
2. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain your reasoning.
The following table provides data about the economy in Argentina. Column A is the year, Column B is real GDP in billions of 2000 pesos, and column C is the price level.
A paint factory produces paints, but in the process transmits chemicals into the soil below the factory. These chemicals taint the soil such that the farmer whose land abuts the paint factory property experiences a reduction in soil quality and he..
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
Explain why may a government solution to a marketplace failure worsen the market failure.
Also assume that the countries are otherwise the same: they have the same saving rate, the same depreciation rate, the same population growth rate, and the same technological progress. Both countries are described by the Solow model and are in thei..
Compute the expected stock price for each firm using the constant growth dividend discount model.
Assume that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels.
Expansion and contraction are commonly utilize terms in economics and the media.
(Short-Run Aggregate Supply) In the short run, prices may rise faster than costs. discusses why this might happen. Suppose that labor and management agree to adjust wages continuously for any changes in the price level.
"We have too many hotels in this town already. Statistics show that vacancy rates average 20 percent on any given night." Assuming this is correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variet..
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
(a) What is mean by that? Explain "strategic behavior" and relate that to the "Kinked Demand" model of oligopoly. (b) Explain the importance of mergers in oligopolistic markets. Is there much price competition in an oligopolistic market Why or why..
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