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1. How does monopolistic competition differ from pure competition? From pure monopoly? Explain fully wat product differentiation entails.
2. Here is a production possibilities table for war goods and civilian goods
Production alternatives
Type of producion: A B C D E
Automobiles: 0 2 4 6 8
Rockets: 30 27 21 12 0
a. Show these data graphically. upon what specific assmptions is this production possiblities curve based?
b. If the economy is at point C, what is the cost of one more automobile? One more rocket? Explain how the production possibilities curve reflects the law of increasing opportunities costs
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Economic costs and benefits for project
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
The market for a standard-sized cardboard container comprises two firms: BooBox and Flimflax. As manager of BooBox you enjoy patented technology which permits your company to produce boxes faster and at lower cost than Flimflax.
Many airline routes worldwide are served by only one airline (a monopoly). Within the U.S., these are often from a small or mid-sized city to a major carrier hub and frequently operated by a regional carrier under contract to the larger airline.
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Assume the government sets an effective price floor in market for oranges and agrees to buy all oranges that go unsold at that price. The oranges bought by the government are discarded.
Find out the breakeven output and total sales revenues. Estimate the output that would generate total profit of 60,000 and total sales revenue at that output level.
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