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Which is a likely characteristic of a differentiated oligopolistic market?
a. There are minimal barriers to entry.
b. The market demand curve is inelastic.
c. There is minimal advertising expenditure.
d. Price and output decisions of firms are interdependent.
Explain how do you suppose the tickets were rationed. Sketch supply and demand curves for the tickets to each of the two games.
A(n) ____ may offer products that are either differentiated or nondifferentiated. What is the difference in profit maximization between the perfect competitor and all other types of firms?
Adam Sandler has a utility function U(C,L)=C^1/2L^1/2. The wages now available to him are $9/hour and non wage incomes in royalties are $6/day. Find the MUL and the MUC. Find the MRS for leisure to consumption to find the optimal ratio of leisure to ..
A purely competitive wheat farmer can sell any amount of wheat he grows for $20 per bushel. He is using a fixed amount of capital (tractors and plows) and he and his sister are the only workers. Thus cultivating each additional acre of land exhibits ..
Consider the following short-run production function: q = 5L^2 − 1/3L^3. Derive a marginal product of labor. Derive an average product of labor. At what level of L is the average product of labor maximized?
Susan made 4 uniform annual deposits of $1800 in a savings account that earned an interest rate of 2% per year. Her last deposit was made 7 years ago. What is the future value of her savings 13 years from now, if she leaves the account untouched?
Southwestern Moving and Storage (SMS) buy a large-capacity trailer truck for $115,000 to provide short-haul earth moving services. SMS is planning selling the truck in seven years for a price of $45,000. Construct the cash flow diagram. Calculate the..
Use the characteristics/features of the different market structure to determine which market structure to classify your chosen firm.
bill operates a boat rental business in a competitive industry. he owns 10 boats and pays 1000 per month on the loan
[Moral Hazard] Consider three investment projects A, B and C. Project A costs $10 and the return is $20. Project B costs $10 and the return is $40 with probability 0.4 and $-10 otherwise. Project C costs $20 and the return is $60 with probability 0.3..
The natural rate of unemployment is also the steady-state unemployment rate, the unemployment rate toward which the economy moves. Once the economy reaches this steady state, the unemployment rate tends to remain the same. What is the current unemp..
Social Security payments and tax revenues may be considered “on-budget”—i.e., as part of the U.S. general budget no different than defense spending supported by income and other taxes including Social Security taxes—or “off- budget” spending supporte..
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