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Wal Mart does carry goods in which are perfect competitive. How do we know this? Wal Mart introduced their own brand to compete with the branded good and of course mark their 'GREAT VALUE' brand cheaper than their competitors. A good thing? I would say it is a billion dollar idea! (very profitable). Just another confirmation that every penny does count! –
Elucidate which is more cost-effective. If the salary rate increased to $12 an hour, which would be more cost-effective.
When a fixed exchange rate system is adopted, it results in all of the following except:
Assume there is a simultaneous increase in government expenditure also reduction in the funds provide.
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. We can see that it is linear in good 2 but n..
Assume a firm is currently producing 500 units of output, total costs are $24,000, and average fixed costs are $6. Based on this information we can conclude, with certainty, that the firm's:
John Livingston is looking into the possibility of buying several coin-operated vending machines also placing them in the local hospitals.
Model the following situations as a game. Ensure that your game's payoffs match the situation. Your answer should consist of a payoff matrix, a short explanation, and an indication of the game's Nash equilibrium. You and your classmate plan to meet l..
When the price level rises more than expected, a firm with a sticky price will sell its output at a price that is
In December 1992, the federal government began requiring that all foods display information about fat content and other ingredients on food packages. The displays had to be verified by independent laboratories. The price of an evaluation of a food pr..
A risk neutral monopoly must set output before it knows for sure the market price. There is a 50% chance the firm's demand will be P=20-Q and a 50% chance it will be P=40-Q. The marginal cost of the firm is MC=Q. What is the expression for the expect..
Why is depreciation of capital good a cost of society. In illustrate what ways does a person's health depreciate. Why might older people's health care expenditures increase in Grossman model even though their desired health stocks may be lower.
(a) If tuition is set at $3,000, how many students will enroll? Now suppose that society gets an external benefit of $1,000 for every enrolled student. (b) Draw the social and market demand curves for this situation on the graph below. (c) What is th..
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