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Consider a monopoly supplier of local exchange service. How does its incentive to raise the costs of access to competing long-distance carriers vary with (i) the stringency of access price regulation, (ii) its share of the long-distance market, (iii) the elasticity of demand for long distance, and (iv) the costs to the monopolist of discriminating?
Who has the absolute advantage at producing Cigar and who has the comparative advantage at Bourbon and who is specializing in Bourbon according to Comparative Advantage now?
1. a positive statement is one which isderived by induction. derived by deduction. subjective and is based on
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Graph the Engel curves for x and y - carefully labeling slopes and intercepts.
What is the -market basket- used by the Australian Bureau of Statistics? Why does the -basket- of goods have to change over time? Give two examples of how the -market basket- has changed over time.
Suppose that Jeffs friend Warren has an idea for product improvement at his firm but he is concerned that the idea may already be patented. If indeed the improvement is already patented, the firm holding the patent may sue Warren for infringing th..
say you are the manager of a perfectly competitive firm selling a product. your business is making a loss because total
Suppose the demand for a product is given by P = 40 4Q. Also, the supply is given by P = 10 + Q. What is the price elasticity of demand at the equilibrium price?
Explain why this manager might nonetheless have a strong incentive to maximize the firm’s profits.
Discuss and explain the major barriers to entry into a industry. Describe how each barrier can foster monopoly or oligopoly.
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