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If firms in the pizza industry are earning negative economic profits, which of the following will most likely occur in the future? a. Some firms will exit the market. b. The economic profits of the firms in the industry will rise. c. The market price for pizza will rise. d. All of the responses are correct. Explain your choice
Illustrate what criteria are you using to classify this industry as an example of oligopoly.
A large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150- 0.01 x Demand for an annual printing of this particular product.
An economy produces 2 goods soda a beer. Fully explain why the marginal cost function in the beer industry derives from the marginal benefits of the soda that is given up when beer is produced.
A mechanical engineer must recommend an A/C system to a commercial building owner. The owner uses and MARR of 6%, but is not sure how long he will own the building. A conventional split system has a design life of 10 years, a cost of $47,000, and ann..
How does Supply and Demand play a role in economic thinking? What factors influence economics that don't directly relate to it? How does public choice economics influence the market?
Markets tend to produce:
For what type of goods does law of one price hold quite well. Since PPP rarely holds at any point in time, is re any substantive meaning to terms overvalued or undervalued currency.
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits? Explain your answer.
You find yourself in a lonely oasis in the desert. The only two things you can produce are either dates or water. In a day you can either gather 100 dates or collect 50 liters of water. And you choose to spend 4 days a week gathering dates and 3 days..
Explain how a tariff reduction causes an increase in the equilibrium quantity of imports and a decrease in the equilibrium price.
If the IS curve does not shift when autonomous consumption increases by $100 MM and autonomous taxes increase by $200 MM, what can we infer about the marginal propensity to consume?
What profit do you expect that the firm will make in the first year? (iii) Do you expect this profit level to continue in subsequent years?
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