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1. What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic?
2. (a) Explain law of demand with the help of a demand schedule and demand curve. (b) Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
3. "Cost function expresses the relationship between the cost and its determinants." Discuss this statement giving examples from any firm of your choice. 4. "A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
5. In any firm of your choice, try to find the effect of change in demand and change in supply on price and quantity of product.
6. Write Short Notes on the following:
(a) Value Maximization
(b) Envelope Curve
(c) Peak Load Pricing
An industry consists of three firms with sales of $200,000, $500,000, $400,000. Compute the Herfindal-Hirschmann index (HHI)
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
Explain your question and receive the step-by-step response ASAP. Describe in detail one factor which makes an industry a competitive industry and provide a real life example of this factor at work.
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
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