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-How does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output? one paragraph in simple words
-Assume that the short-run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table. (a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run? one paragraph each using simple words
-Comment on the problem with this statement: "Of course, there are diminishing marginal returns from adding more workers to a fixed quantity of plant and equipment because additional workers are not as good as initial workers."
-Explain the marginal revenue and marginal cost approach to profit maximization and use it to describe profit, loss, and shut down situations for the perfectly competitive firm.
Presume that three risk-neutral bidders are interested in purchasing a Princess Beanie Baby. The bidders (numbered 1 through 3) have valuations of $12, $14, and $16, respectively. The bidders will compete in auctions as described in parts (a) and (b)..
assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision
A German Toy Corporation was formed to produce plastic toy soccer balls. The firm bought land for $250,000 had a $500,000 factory building erected, and installed special plastic manufacturing tools for $20,000.
For the past month, it has processed 90 orders per day. What is the company's capacity utilization? What comments can you make regarding its processing rates? Can the company maintain this?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
An article on Bloomberg.com reported in 2012 that the People's Bank of China "cut the amount of cash that banks must set aside as reserves for the third time in six months, pumping money into the financial system to support lending after data show..
There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
More contentiously, artists would have to prove that there was a market for their creations if they wanted a subsidy.
what is the difference between contractionary and expansionary fiscal policies? which is more appropriate today?
Do the following functions exhibit increasing, con- stant, or decreasing returns to scale? What happens to the marginal product of each individual factor as that factor is increased and the other factor held constant?
US imports oil at the world price, $90 per barrel. The domestic supply curve in barrels per day is S = 1500000 + 150000P with P in dollars. Domestic demand curve is D = 65,000,000 - 500000P. Draw the US demand and supply curves for oil and indi..
assume that country a has a population of 500000 and only produces one good-cars. country a produces 100000 cars per
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