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Discuss hub and spoke system and black hole effect.
Your business must decide whether to make a component part in-house or outsource it to an independent supplier. These potential suppliers are in countries whose currency is expected to increase against the U.S. dollar. What would you recommend and wh..
Charles has decided to open a lawn-mowing company. To do so, he purchases mowing equipment for $5,000, buys gasoline ($2.30 in gas is required to mow each yard), and pays a helper $10.00 per yard. Prior to opening the lawn company, Charles earned $8,..
List and explain all the measures of elasticity that were covered in the slides, including Elasticity of Demand, Supply, Income, and Cross Elasticity of Demand.
What is "monopolistic" about monopolistic competition? What is "competitive" about a monopolistically competitive market? Please explain.
Using the diagram, suppose that producers need to have licenses to sell apples, and that only 90 units of apples are licensed (i.e. Q is limited to 90). Calculate: the reduction in the consumers’ surplus. the reduction in the producers’ surplus
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. What is Tom’s endowment point? In..
What does the CPSP (Centralized Private Sector Planning) thesis say about the difference between the modern industrial economy and Adam Smith s economy?
If the inverse demand function for toasters is p= 90-Q. What is the consumer surplus if price is $35? Round answer two decimal places.
The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
We are a smartphone producer based out of China. We need to describe our business plan and why wholesalers will choose us instead of the competition.
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production I is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maxim..
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
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