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Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Demand estimation and forecasting and income elasticity of demand
What is the average fixed cost of producing 2 units of output based on the following table:
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
Neolithic Revolution
How much total utility does the consumer receive
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
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