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a) Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output. How does this tax affect the firm's fixed cost (FC) marginal cost (MC) and average total cost (ATC)?
b) Now assume that the tax is proportional to the number that it produces. How does this affect the firm's fixed, marginal and average costs.
Which of following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Explain your answer.
Evaluate the MU in the utility functions
Describe the meaning of the term "mutual interdependence" as it applies to oligopolies. Provide an example.
What are some of the ethical dilemmas encountered by traders in their pursuit of profits for both their company and themselves?
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
Derive the equation for the demand curve facing the airline during the winter month of January if P = $100, PC = 150, BAI = 200, and S+0 (Price should be expressed as a function of quantity.)
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
Which of the following is not a condition required for the practice of price discrimination?
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
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