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The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a downward sloping demand curve have some market power.
1.How does a firm then maximize their total revenue? Describe the relationship of the demand curve and total revenue curve, indicating which of the four types of market structures market power like this would occur (i.e., perfect competition, monopolistic competition, oligopoly, monopoly).2.What happens when a firm raises its price in a market in which the price is in the inelastic range of the demand curve?3.What happens when a firm raises its price in a market in which the price is in the elastic range of the demand curve?
1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why? 2. Describe and explain why a socialist system might be the best in responding to the needs of people st..
Now suppose there is another country called Lotech which has not seen the innovations in credit cards and ATMs that Hitech has. If the rate of money growth and the growth rate of real GDP were the same in Hitech and Lotech over this period, then h..
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
How big will that budget have to be before he would spend a $1 buying a first cup of coffee?
The quantity of coffee demanded Qd depends on the price of coffee Pc and the price of tea Pt the quantity of coffee supplied Qs depends on the price of coffee Pc and the price of electricity P e .
Analyze the balance-of-payment structure and make at least one recommendation for reducing errors and/or omissions. Explain your reasoning for making the recommendation you did.
Analyze how production and cost functions in the short run and long run affect the strategy of individual firms.
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
Find out the socially efficient price, units of output and profits? How much output would a monopoly produce? Find out the price and profits of the monopolist?
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