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1.) Define technological advance, and explain how does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a firm into a profitable purely competitive industry; the imitation of a new production process by another firm; an increase in a firm's advertising expenditures?3.) Contrast the older and the modern views if technological advance as they relate to the economy. What is the role of entrepreneurs and other innovators in technological advance? How does research by universities and government affect innovators and technological advance? Why do you think some university researchers are becoming more like entrepreneurs and less like "pure scientists"?7.) Learning how to use software takes time. So once customers have learned to use a particular software package, it is easier to sell them software upgrades than to convince them to switch to new software. What implications does this have for expected rates of return on R&D spending for software firms developing upgrades versus firms developing imitative products?9.) Why might a firm making a large economic profit from its existing product employ a fast-second strategy in relationship to new or improved products? What risks does it run in pursing this strategy? What incentive does a firm have to engage in R&D when rivals can imitate its new product?12.) Evaluate: "Society does not need laws outlawing monopolization and monopoly. Inevitably, monopoly causes its own self-destruction, since its high profit is the lure for other firms or entrepreneurs to develop substitute products."
Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production facility 300 days for each year. It has orders for about 12,000 flashing lights for each year and has the ability of prod..
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.
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
Examine the basis for the trends in consumption patterns, as discussed in any article and explain what has occurred to change the demand for, or the supply of, the products, and market prices of those products.
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Suppose the government cuts its purchases through $120 billion. As a result, budget deficit is decreased by $40 billion, private domestic saving reduced by $10 billion,
What business will you go into, and what will comprise your fixed and variable costs? How could your business take advantage of economies of scale?
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Examining the current market situations of "Starbucks" competition can take many forms. value competition includes collusion, price leadership, loss leaders, price discrimination.
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
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