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1.) What types of products are phone services and electricity?
2.) Why does a firm spend an enormous amount on advertising when the ads provide consumers virtually no information? For instance, what does the advertisement showing the Rock of Gibraltar and suggesting that we should "own a piece of the rock" tell us?
3.) Why do consumers pay twice as much for Bayer aspirin than for generic aspirin when they know that the two are chemically identical?
4.) What does it mean to say that a firm should devote resources to an activity as long as society values that activity more than its values the resources allocated to that activity?
5.) Using the following Marginal Revenue and Marginal Cost, determine the profit maximizing price and quantity:
OutputMCMR
0 0 0
1 $30 $80
2 $50 $80
3 $80 $80
4 $120 $80
5 $170 $80
6.) Explain why the rule MR= MC defines profit maximization.
7.) How long has Wal-Mart made positive economic profits? How long has Starbucks earned positive economic profits? Has entrepreneurs been able to innovate and otherwise compete with Wal-Mart and Starbucks?
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
in each of the following situations determine the direction and size of the change in total output and income that
Long-run supply curve in a constant-cost industry is linear and shut down because it will no longer be earning a normal pro?t.
What is the law of diminishing marginal productivity? How does it differ from average productivity?
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Nova corporation just announced that it had a record year. Its earnings have increased nearly 10%. Explain how this announcement can lead to a decline in the price of Nova Corporation's Stock
Southern Oil Company produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per gallon for regular gasoline and .50 per gallon for premium gasoline.
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
What is the optimal level of production of wine decanters and what is the marginal revenue from the last wine decanter sold and what are the total revenue, total cost, and net benefit (profit) from selling the optimal number of wine decanters?
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car deal..
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
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