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Evaluate each of the following statements. If a statement is true, explain why; if it is false, identify the mistake and try to correct it.
a. A profit-maximizing firm in a perfectly competitive industry should select the output level at which the difference between the market price and marginal cost is greatest.
b. An increase in fixed cost lowers the profit-maximizing quantity of output produced in the short run.
Define a natural monopoly and what has happened to natural monopolies in recent years? Describe. Under which market structure does your type of business fall?
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
What will be the possible concequences if a large scale like Toyota place its new product in Indian market without having forecast the demand for its product
Suppose that the market for gnomes is yet to reach equilibrium, and that the current price and quantity in the market for gnomes.
Calculate the correlations between life expectancy and the two measures of GDP per person
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month.
What is the monopolist's profit maximizing level of output and what is the profit-maximising pricing strategy among the options
How much would Firm A be willing to pay to B so that A could move first. Thealternative is to keep playing the current game.
A user has the utility function U(x1,x2)=min{x1,2x2}, and his endowment is W=(0,12)
Determine the maximum number of lbs. of butter the economy can produce and
Set up the game and find the equilibrium assuming that Apple and Yahoo move simultaneously, If the firms are Cournot duopolists, how much profit with each firm earn and what will the market price be and how much profit will each firm earn?
Assume the economy starts at equilibrium and the mpc=.8. What would be the effect of the $500 increase in taxes (once all the rounds of the mulyiplier process are complete) in relation to equilibrium output?
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