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1.) What types of products are phone services and electricity?
2.) Why does a firm spend an enormous amount on advertising when the ads provide consumers virtually no information? For instance, what does the advertisement showing the Rock of Gibraltar and suggesting that we should "own a piece of the rock" tell us?
3.) Why do consumers pay twice as much for Bayer aspirin than for generic aspirin when they know that the two are chemically identical?
4.) What does it mean to say that a firm should devote resources to an activity as long as society values that activity more than its values the resources allocated to that activity?
5.) Using the following Marginal Revenue and Marginal Cost, determine the profit maximizing price and quantity:
OutputMCMR
0 0 0
1 $30 $80
2 $50 $80
3 $80 $80
4 $120 $80
5 $170 $80
6.) Explain why the rule MR= MC defines profit maximization.
7.) How long has Wal-Mart made positive economic profits? How long has Starbucks earned positive economic profits? Has entrepreneurs been able to innovate and otherwise compete with Wal-Mart and Starbucks?
Assume that, as the chair of the Fed, you make a decision to "put policy on automatic pilot" and require that monetary policy follow an established rule.
What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.
Here is the information you require to answer the question. This information is taken from the graph. So you will require to draw the graph to answer the questions. The best level of output for monopolist in short run is 500 units and is given by p..
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
35 percent Turkey growers operate in a competitive, stable cost industry. This industry has reached a long run equilibrium at a price of $1 per pound of turkey
Assume that, in a perfectly competitive market at profit maximizing quantity, the market price is greater than average total cost. Describe what will happen to the number of companies,
Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
Consider a company that uses two inputs. The quantity used of input one is denoted by x_1 and quantity used of input 2 is denoted by x_2.
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
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