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Discuss the concept of the law of "diminishing returns" and why does it occur only in the short run? Differentiate between "the long run return to scale" and "economies of scale."
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Calculate the net present value and benefit-cost ratio for four different discount rates
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
Results for Linear Demand Curve Estimation. Kenny Mcormick manages a 100-unit apartment building and knows from experience that all units willbe occupied if rent is $900 per month.
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
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