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Assume two airlines serve many of the same routes. Travelers notice there is rarely any significant difference in fares. Could this behavior be an example of the kinked demand curve theory of oligopoly in practice? Explain why the two airlines might be reluctant to raise or lower prices. Would anything change their reluctance?
If the two are generally not competing on price, are there any forms of non-price competition that might emerge? If so, describe them. Or would such other forms of competition also exhibit "kinked type behavior"?
Briefly summarize your views on whether the total expenditures for health care in the United States are too high. Provide your rationale, including the criteria you are using for your assessment.
Estimate the demand function
Determine what happens in the new equilibrium. Does the individual buy more or less of OG. Does the individual buy more or less of HC. Explain why.
What is the short run shut down price for each firm and how does this short run shut down price differ from the long run shut down price?
Consider the advantages and disadvantages of the European Union adopting a common currency and determine if this move was a good idea or not
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese
Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the proble..
Intelligent fiscal policy and appropriate monetary policy permit for a stabilizing influence on US economy. The government is able to make action through expansionary or contractionary fiscal policy to manage recession and inflation when necessary.
How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Defenders of Communist economic systems may point out that customers pay lower values for certain goods because government imposes a limit on what manufacturer may charge.
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