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1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case, justify your classification.
2. "Even if a firm is losing money, it may be better to stay in business in the short run." Is this statement ever true? Under what condition(s)? How does this relate to the "shut-down rule?"
3. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive.
4. "That segment of a competitive firm's marginal-cost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm." Explain using a graph and words.
A major bakery-cafe chain is evaluating whether they should consolidate its two offices into one location when the two leases expire. In addition, the company also needs to decide
Management predicts that if the strike is successful the cost of worker will increase to $100 per day.
Signs of investor uneasiness in continuing to purchase treasury securities issued by heavily indebted sovereign states such as Greece and Spain have triggered a debate in the past about raising the debt ceiling here. Given the current situation of th..
Desired consumption and investment are Cd = 4000 - 4000r + 0.20Y; Id = 2400 - 4000r. As usual, Y is output and r is the real interest rate. Government purchases, G, are 2000. Given the consumption function, what the value of the MPC? Given the saving..
Ghose and Han? (2014) found that the elasticity of demand for Google Play apps is negative −3.7. This elasticity applies to a small college town where approximately? 1,000 apps per month are sold. If price rises by 22?%, what would be the effect on q..
Suppose you make an annual contribution of $150 each year to a college education fund for a niece. She is 4 years old now, and you will start next year and make the last deposit when she is 18. The fund is a money market account earning 6.5%/year. Wh..
Suppose a country has decided to peg to the dollar. Explain what will need to happen if the Federal Reserve Bank engages in a temporary decrease in money supply.
Would the worker be better or if, instead of the health insurance, she was given a £100 per week pay increase which would be taxed at 20%.
What is the natural rate of unemployment? Why might θ increase in this way? What will the inflation rate be in years t+5, t+6, and t+7.
q.1. predict what would happen to the labor force participation rate of women if wages for women decreased. explain.2.
What is the -maximing combination of labor and capital the firm should use? What is the resulting level of output? What is the economic profit? Is this the least costly way of of producing the profit-maximizing output?
Respond to the following question with at least three well composed paragraphs: Restaurants typically charge much higher prices for dinner than for lunch, despite the fact that the cost of serving these meals is about the same. Why do you think this ..
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