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1. "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why?
2.Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
3.What purpose does product differentiation serve from a firm's perspective?
4.What purpose does product differentiation serve from society's perspective?
Two point questions:
5. a) Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor, and
b) how that, in turn, affects its economic profit.
6.Suppose that a monopolistically competitive restaurant is currently serving 300 meals per day (the output where MR = MC). At that output level, ATC per meal is $13, AVC is $10, and consumers are willing to pay $12 per meal. What is the size of this firm's profit or loss? Will there be entry or exit? Will this restaurant's demand curve shift left or right as a result of the entry or exit?
wyandotte chemical company sells various chemicals to the automobile industry. wyandotte currently sells30000 gallons
A profit maximizing price taker will produce at a level where a. the wage equals the marginal product of labor b.the marginal revenue product of labor equals the price of their output
When inputs are combined so that total production has the lowest possible cost, we are observing - Define as total implicit costs.
answer the following questions about the gold standard1 describe what is meant by the gold standard.2 what were the
framjam sports equipment produces basketballs at its factory in kentucky and soccer balls at its factory in illinois.
Assume that the two rival "Super Stores", Walmart and Target both adopt price matching rules. If people can discover lower advertised values on any items they sell, then they will match the lower prices.
Which the vaccine reduces the probability of catching the disease (what is usually reported in the press), or the absolute amount.
Two firms, i = 1,2, produce the same good. Each firm i's cost of producing quantity q_{i} is given by C_{i}(q_{i}) = q{_{i}}^{2} . The market demand is given by P_{d}(Q) = a-Q for all Q = q_{1} + q_{2}\leq a (with P_{d}(Q) = 0 for Q> a).
Linda loves buying shoes and going out to dance. Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is U(S, T) = 2ST, so MUs=2T and MUT=2S
part of a workers pay on an automobile assembly line is based on the number of cars in a pay period that come off the
assume now that people talk about the movies they watch and therefore the willingness to pay for a particular movie is
Provide a description of a scenario where this kind of decision between two types of payment streams applies in the "real-world" business setting - Describe and calculate Project As expected net present value
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