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Question1) If the perfect competitor is losing money in the short run, what happens in the market to drive up the price?Question2) How does the demand curve faced by the monopolist differ from that conforting the perfect competitor? Why do they differ?Question3) In what respects does a monopolistic competitor differ from a perfect competitor? Give examples.Question4) Describe ways in which a firm can differentiate its products from those of its competitors? Give examples.Question5) The American automobile industry has been an archetypical oligopoly. Show why this statement is true.Question6) Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.Question7) Determine the basic provisions of a collective bargaining agreement? Explain the differences between meditation and arbitration.Question8) Who are the poor in the United States? Why is a single theory inadequate in explaining why we have poverty in the U.S?
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
Which of the following statements best states the demand for agricultural commodities?
A fashion firm manufactures outfits using two inputs, design skills (L) and expensive materials (M). The cost of fabrication is small and might be ignored as a first approximation.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
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.
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
Describe each of the subsequent using supply and demand diagrams.
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
Draw linear PFF representing the tradeoff between hot dogs and buns with 120 million workers available.
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