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1. b. In at least 3 detailed paragraphs, answer the following three questions (use examples to illustrate your response): What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
2. b. For each of the labor markets in which market power over the wage rate is present, write a paragraph describing the characteristics, implications, and provide examples.
3. a. In at least 2 paragraphs, describe why an appreciating dollar helps U.S. consumers, but hurts U.S. producers. Include why appreciation occurs and a real-world example relating to this issue.
Airline fares are bigger in summer than in winter. Some railroads charge lower fares during week than on weekends. Electric firms charge customers lower rates the more electricity they use.
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
You've been asked to apply your decision-making skills and analysis to the merchandising of JMI's travel product stores. Much of the floor display space is taken up by innovations department. Describe the type of accounting quantitative data you wi..
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
What is the market clearing price for this market? What is the market quantity and calculate the Consumer Surplus (CS), the Producer Surplus (PS), and the Social Welfare (SW).
Assume that the government decreases spending by one hundred billion dollar. What happens to aggregate demand and discuss the differences between fixed and variable taxes.
Discuss the main factors (supply and demand) affecting the current price of gasoline. Include at least two supply and two demand.
Suppose you are starting your own Internet business. You make a decision to form a company that will sell cookbooks online. You estimate that the yearly cost of this business will be given as follows:
A HEADLINE article in the text is titled Consumer are Spending Big Time. Determine which of the following is most likely to happens a result of increased consumer spending?
What is the short-run profit-maximizing policy of a monopolistically competitive firm and how is the long-run equilibrium of monopolistic competition like that of perfect competition? also give example.
Discuss the relationship existing between production and cost. What is the MC function of the above TC function?
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