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Describe the different market structures (monopoly, oligopoly, perfect competitive and monopolistic competition) and discuss implications. Give specific industry examples for each.( Keep it sweet and simple)
The strategy of tit-for-tat is
Suppose that the price level is fixed in the short run so that the economy doesn't reach general equilibrium immediately after a change in the economy. For each of the following changes, what are the short-run effects on the real interest rate and ou..
For each of the linear demand function p = -6q + 540 Calculate the price elasticity and write it only as a function of q, Calculate the marginal revenue, Draw demand and marginal revenue together on 1 graph. Show that the expected relationship betwee..
Several of the men and women currently running for President of the United States have suggested modifying the current tax code. Select a presidential candidate, go to his/her website, and read about his/her tax proposal. Explain how well the tax pro..
The production manager of Bavarian Crystal Works estimates total and marginal production costs to be
changes would most likely bring economy to a full employment level of national output. What is income multiplier.
Why do most modern societies try to reduce poverty? Why don’t they do so by simply passing a law requiring everybody to have the same income? Explain
Suppose Activity A has the following Total Benefit (TB) and Total Cost (TC) and the corresponding marginal benefit (MB) and marginal cost (MC) functions: What is the optimal activity level of A? What is the total benefit and the total cost of the opt..
If county government offices required that all employees must live within the county limits, what impact would this have on the elasticity of demand for employees of the county government offices?
Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4:
A famer develops and patents a new method for growing corn that decreases the cost of growing corn by $300 per acre. thereby increasing his profits from growing corn. According to ____principle. The farm argues that he should keep the entire $300 per..
The Short Run Total Cost of a firm is given by C= 190 + 53 Q. Find out the firm's total fixed cost. Find out the firm's total variable cost. Find out the firm's short run marginal cost.
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