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It is a typical Christmas electronics shopping season, and makers of flat-panel TVs are marketing the latest available models through their own Web sites as well as via retailers such as Best Buy and Wal-Mart. Each manufacturer offers its own unique versions of flat-panel TVs in differing arrays of shapes and sizes. As usual, each is hoping to maintain a stream of economic profits earned since it first introduced these most recent models late last year or perhaps just a few months before Christmas. Nevertheless, as sales figures arrive at the headquarters of companies such as Dell, Samsung, Sharp, and Sony, it is clear that most of the companies will end up earning only a normal rate of return this year.
a) How can makers of flat-panel TVs earn economic profits during the first few months after the introduction of new models?
b) What economic forces result in the dissipation of economic profits earned by manufacturers of flat-panel TVs?
Compute the price elasticity of demand for TV Plasmas. Explain how could we classify the demand for TV Plasmas.
When you retire, you will combine your money into an account with a 9 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period.
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show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
Which among the equation will you choose for a better demand estimation. Illustrate answer in the language of statistics.
Describe each country's reaction function. Does a Cournot equilibrium exist? If so, find the outputs and prices of crude oil in the two countries.
In autarky, Jackson produces and consumes 30 units of cattle and 80 units of wheat, while Tahoe produces and consumes 80 units of cattle and 60 units of wheat. Based on this information.
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
A farmer owns a plot of ground also sells the right to pump crude oil from his land to a crude oil producer.
Assume Arturo is willing to trade 6 burritos to Dina for each 10 tacos which Dina produces also send to Arturo.
Home produced 450 bushels of pears also 1050 cellular phones. This year it produced 450 bushels of pears also 2000 cellular phone.
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