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For each firm within an industry, T = X(X - 1)2 + 25X; where T is the long-run cost of the firm, and X is the firm's level of output. For the industry as a whole, Y = 34 - p; where Y is total consumer demand for the industry's product, and p is the price of this product.
Assuming first that the industry is a monopoly, find the values of X, Y, p and π; where π is the firm's level of profits (pX - T).
Assuming next that all barriers to entry are eliminated to make the industry perfectly competitive, find the new value of each of the four variables (X, Y, p and π) calculated in part A, and determine the new number of firms in the industry.
Estimate the difference in consumer surplus between parts A and B.
Explain how the indifference curve and budget line apparatus are used to derive a consumer's demand curve.
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Illustrates and explains the expected impact of a change in government policy (using a demand a supply diagram).
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Arista always spends 30% of her income on whozits. Assume that her income increases by some percentage while the price of whozits remains constant (and that all whozits cost the same). What is her income elasticity of demand for whozits?
As a consequence of a 1976 court case that Ralph Nader won against an airline that had "bumped" him, the federal government adopted a rule requiring airlines to compensate people who were denied boarding despite holding a confirmed reservation. As a ..
Suppose the Federal Open Market Committee decides to buy $40 billion in securities as part of their open market operations. For each of the following, identify whether the component mentioned will increase or decrease.
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A deceptive practice is that one that misleads a _______consumer and where the conduct resulted in some sort of detriment to the consumer.
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