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Question - If a representative firm, with long-run total cost given by TC = 50 + 2q + 2q2, operates in a competitive industry, where the market demand is given by Op = 1,410-40, how many firms will exist in this market in the long-run equilibrium?
Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved t..
Distinguish between a change in demand and a change in the quantity demanded. From the above, indicate the factors that are responsible for a shift in demand; and explain how the change is effected by these factors.
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the change if t..
suppose the equation for demand can be expressed as p 120 -.65q p price of a good and q is the quantity of the good
Government is known to utilize a product's elasticity measures to set taxes and subsidies. Use this information to set policy on one of the following products: tobacco products, petroleum products, agriculture products, or medical products according ..
What are the private costs and benefits associated with smoking cigarettes? What are the external costs?
explain and demonstrate the effects on the production possibilities frontier or curve of the following events1.the
What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives?
If the federal government enacts a tax on a monopoly, how would expect the additional tax to affect the following Output produced by the monopoly or else.
Is the firm operating in short run or long run? Explain.
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
"The recent price wars in the supermarket and mobile phone industries have been beneficial to both consumers and their respective industries." Discuss critically, using all the recent theoretical models.
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