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Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
In that same situation, what would be the largest possible four-firm concentration ratio?
As the employer who wants to reduce the production cost during the economic recession, he or she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all.
Describe each of the subsequent using supply and demand diagrams.
What happens to the indifference curves when a household's income is reduced and how does a budget constraint explain consumer choices when used in conjunction with indifference curves?
Suppose if pollution is bad, why is there any tolerance and programs for pollution rights, tax incentives, and subsidies?
What are the marginal rates of substitution for each person and what is the formula for the contract curve and draw an Edgeworth box, labeling carefully, and indicate the contract curve.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
What is the price elasticity of demand for tours? Interpret your answer. Given this elasticity, should Breakaway increase prices to increase revenue? Explain.
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
What level of output will these firms produce in the short run and are these firms operating under perfect or imperfect competition?
When a firm engages in cost-plus pricing and marginal cost equals industry price, revenue maximization occurs when a firm sells at a price
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
Analyse a range of current economic issues and problems and develop and communicate economic arguments in a variety of forms.
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