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Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, respectively. Calculate the four-firm concentration ratio in the market for product X.
Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.
Despite strong sales and a low marginal cost of producing the product, your company has yet to show a profit from selling the drug.
Assume that you became president of small theater company. Your playhouse has the 120 seats and small stage. The actors have national reputations, and demand for tickets is enormous relative to number of seats available
Identify the stocking rate that you would suggest to a risk averse farmer and explain why you would recommend this stocking rate.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Explain how a item might evolve from one market structure to another and what that means as to the value, competition and number for companies producing that product.
Evaluate the impact of the proposal to cut prices and what is the optimal profit-maximizing markup suggested by economic theory?
Write a report outlining what firms need to do in order to bring in the most talented people (from anywhere) and make the fullest possible use of their abilities.
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
Explain how China's price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
Compute the sizes of the consumer and the producer surpluses at the equilibrium price and quantity derived in (1).
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