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Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
"The principle of the invisible hand asserts that self-interest behavior on the part of resource-owners leads inevitably to chaos" true or false, why?
The purpose of the federal reserve is to
Each month, aztec spends exactly $2 million on advertising. Illustrate what is aztec's elasticity of demand for advertising. Can you write the equation for Aztec's demand for advertising.
q. you are the ceo of value-added industries inc vai. your firm has 10000 shares of common stock outstanding and the
Explain why might it be appropriate for the government to allow a pharmaceutical company to have a monopoly in the production of a drug.
Illustrate what is the equilibrium price and quantity of hotel rooms on Manhattan Island.
What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
What would the impact of a virus that infected the midwestern corn crop on the price of wheat and the quantity of of corn. Use two graphs one for corn and one for wheat.
The following equation represents the weekly demand that a local theater faces. Determine the profit maximizing ticket price for the theater. What is the price elasticity of its demand at this price? What is the elasticity of its demand with respect..
A monopolist with a straight line demand curve finds it can sell one unit at $7 each or seven units at $1 each. It's marginal cost is constant at $6 per unit. A monopolist would produce how many units? And charge? A perfect competitor would produce h..
At the end of 2012 the prestigious Rolex watch manufacturer had in inventory of watches worth $725 dollars. In 2013, Rolex produced $333 worth of watches and sold $260. What was the change in inventories in 2013? (Hint: careful with the signs, rememb..
Consider the following two-firm Cournot game. Suppose market demand is given by the equation P=24-Q, where Q= qA+qB. Suppose each firm has only four options: 6,7,8, or 9 units of output. What is/are the nash equilibrium for this game? Does the domina..
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