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Problem
The type of market structure in which a firm operates will determine how it behaves in order to profit maximize. You will be reading about two of these market structures, competition and monopoly. Monopoly firms will face a different environment when profit maximizing than does a firm in competition. Given what you learned about elasticity last week and monopolies this week, read this article, "Martin Shkreli on raising price of AIDS drug."
1. Explain how this topic pertains to both concepts (elasticity and monopoly) and the firm's rationale behind raising the price of this life-saving drug by 5000%.
2. Give your own opinion about whether the government should place price controls on pharmaceutical firms to avoid price hikes such as this and what impact this might price controls have on research and development for new drugs. Please note: Your opinion should be supported using the economic concepts from class. If you use any other sources, be sure to cite them within the text as well as provide a bibliographical citation at the end.
Which of the following is a characteristic of both perfect competition and monopolistic competition?
Suppose that the government decides to impose an excise tax of $80 per motorcycle on producers in this market. What will be the number of motorcycles sold in this market once this tax is imposed? Given the tax described in part (d), what will be th..
Not only is this a savings of 10% over the regular rate, but it is an excellent inflation hedge for you against increasing rates in the future. Please act now by sending $57.12. If your money is worth 6% per year, determine whether this offer can b..
Explain the purchasing-power-parity theory of exchange rates, using the euro-dollar exchange rate as an example.
the demand for a pack of 12 golf balls in albuquerque is p1000-.1q with supply p30. the demand for golf clubs is
If we are talking about setting prices or determining output even in a very large company such as an oil or steel producer wouldn't this be considered a microeconomics issue
Revenue. On the basis of past experience a company has determined that its sales revenue (in dollars) is related to its advertising according to the formula.
Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run
Select any four of the six summary statements and explain in detail the significance and possible causes of each item. Be sure to use the economic concepts and polices discussed in your textbook where applicable.
Discuss if the Apple iPhone 6 plus account is a market failure. Discuss two factors that would cause the supply curve to shift to the right.
Discuss the concepts of engineering projects and their investment profile. How would you assess the economic feasibility of engineering projects.
Which of the following statements about unemployment and inflation is false? A. The short-run Phillips curve demonstrates a negative relationship between unemployment and inflation, whereas the long-run Phillips curve is horizontal because the nat..
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