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1. a) What are the assumptions of the theory of monopolistic competition? In what way do these assumptions differ from of the perfectly competitive model?
b) What is meant by barriers to entry in the monopoly market?
2. a) Explain the difference between total utility and marginal utility.
b) What is the concept of the equimarginal principle?
3. a) List and describe three factors that are relevant to the determination of price elasticity of demand.
b) Describe what cross elasticity of demand measures.
c) Comment on the truth or falsity of each of the following statements:
i. The rice growers can increase their revenues by raising price.
ii. The owner of a car shop can increase their revenues by raising price.
Write down Whole Foods profit function, and solve for its reaction function. Use the reaction function to find what Whole Foods optimal quantity of production should be if it believes that Ozark will continue to produce the monopoly quantity found..
Consider an economy well known to you and assess which factors of its TFP are relatively strong compared to other countries and which ones are relatively poor. What steps could be taken to improve TFP?
Discuss how these terms compare to each other in the world of health care economics. Some examples of terms are resources, quality, technology, and costs.
If the available amount of raw materials and labor are 13,400 pounds and 7,800 h, determine the outputs of A and B.
In your own life, what are the trade-offs you face when choosing online classes versus traditional face-to-face classes
Consider the two-period consumption model of borrowing and saving. Suppose Claire has an income of m1 today and m2 a year from now and can borrow and lend at the interest rate r. She chooses consumption levels c1 and c2 given her well-behaved prefere..
You want to be part of the Green Revolution and are looking to find ways to reduce your energy use. But first, you must know what your energy use is.
What non-price consideration can offset the higher costs and benefit consumers in monopolistically competitive markets?
Prepare a 2 page paper using APA format discussing problem 1 in the "Problems to Ponder" at the end of chapter 10. Be sure to address each question in this problem.
Economics Essay Assignment. Describe with a graph the short run and medium run effects of technological change on employment/unemployment.
Do you agree with the above statement about economics? Provide reasons and support your reasons by describing your own experiences.
in a complex assembly operation it is found that the learning curve rate is 70. the standard time of 3 minutes per
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