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In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quantity. The second model was that of the firm, the firm faced a perfectly elastic demand curve, in which demand, price, average revenue and marginal revenue were all the similar. Though, in the analysis of a monopoly there is but one model. The firm, in monopoly, is the industry (by definition). Because the firm is the industry it thus 180 faces a downward sloping demand curve, which is also the average revenue curve for the firm (as the industry).
Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
Consider a hypothetical nation, Solowland, which were in the steady state. We consider a constant return to scale production function based on two production factors, labor and cap
Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model
GROWTH OF PRODUCTION: The performance of Indian agriculture during more than half a century of planned economic development can be broadly characterised by three distinct phas
given short run total cost curve :10q^2+4q=100 and short run marginal cost MC=20q+4 and market demand Q=100-p what''s the equation of the short run supply curve?
where does stage 1 end?
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
The Efficiency of a Competitive Market *? When an competitive markets generate an inefficient allocation of the resources or market failure? 1) Externalities Costs
describe engineering cost theory in detail
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