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Consider the pizza market in a small college town with the following assumptions: - The market is in long-run equilibrium. - Each pizza shop sells 100 pizzas per week. (For ease of exposition, suppose that each shop sells only pizza and only one size.) - Fixed cost for each shop is $500 per week. - Price and elasticity for Salamandra's (s), Genoa's (g), Domino's (d), and Four Star (4) are: Ps = 11.00; Es = -2.2 Pg = 11.00; Eg = 2.75 Pd = 9.00; Ed = 1.8 P4 = 8.00; E4 = -2 Based on these assumptions, answer the following questions. a) What market structure best describes the pizza market in this town? Explain. b) What is average variable cost at this output level for each of the four shops? Explain how you derived this result. c) Based on your answers to questions 4a and 4b and the first through fourth assumptions from Step 3, are any of these four firms earning above-normal profit? Explain your answer. Show all of your work.
Name four reasons why the desired investment function would change the way it did.
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated?
Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can't find data, then determine the Price Elasticity from the Characteristics and make up numbers to use.
What is the profit maximizing level of output for this monopolist? What price will the firm charge? What profit will the firm earn and what are your answers to (a) if average consumer income is $30,000?
The iceberg effect of complaints
assume that you have been appointed as the speaker of the house. you must deliver a speech about the current state of
A consumer's utility function is given by U(X,Y)=X*Y. The Consumer has $576 to spend. Px=16 & Py=4. How much X & Y should the consumer purchase to maximize her utility?
At its profit-maximizing output, a pure nondiscriminating monopolist achieves: neither productive efficiency nor allocative efficiency. both productive efficiency and allocative efficiency. productive efficiency but not allocative efficiency.
Assume that the government imposes a $20 minimum wage. Find the new quantity of labor demanded and supplied.
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Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
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