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A real estate brokerage firm is hired to sell condominium units of a government housing project. The government is not willing to pay a traditional commission per condominium unit sold and will only pay a flat fee of $2,000 per unit sold. The manager of the brokerage must determine how many real estate agents to hire. She estimates the following marginal product schedule for real estate agents:
(a) Calculate the marginal revenue product given this information.
(b) How many real estate agents will the manger hire if the wage rate is $32,000? Why?
(c) How many real estate agents will the manger hire if the wage rate is $18,000?
(d) What is the marginal revenue product of each real estate agent if the fee paid by the government increases to $3,000?
(e) If the government pays $3,000 per unit sold and the age rate is $30,000, how many real estate agents will the manager hire?
Describe the welfare costs of a monopoly and discuss the regulator organizations that monitor anti-trust in America. Name these organizations and their functions.
How does the charging the monoply a specific tax per unit affect the monopoly optmum
The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of th..
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Marginal utiltiy of good b, but the proce of good Ais only 2 times the proce of ggod b. Is this point consumer equilibrium? if not what will occur?
This result proposes that private parties (consumers and producers) can solve the problem of externalities on their own. A tax imposed on imports is called:
Economics of Markets and Organizations
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When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
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