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In the early 1990's, a study found that moderate daily consumption of red wine reduced the incidence of heart disease in labratory rats. As a result of national press coverage of the report, the demand for red wine increased dramatically. Assume that the red wine market satisfies all of the attributes of perfect competition. Further assume tat red grapes are the most expensive input into the red wine production process.
Graph the inital reaction of individual incumbent firms to the increase in market demand. On your graph, identify the firm's revenue and cost structure, including the marginal cost and average total cost curves. Ensure that your graph shows the profit region. Will this result last?
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
What are some of the ethical dilemmas encountered by traders in their pursuit of profits for both their company and themselves?
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
Let us assume you and ten of your friends are going to open and invest in a business. You do not want to pay double taxation on the profits. You want a type of ownership where profits must be distributed based on how much each person has invested ..
During that summer, he charged $1.69 each gallon for unleaded gas during daytime & $2.59 each gallon at night,
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
Using calculus, show that the demand and supply curve have constant elasticity along their entire length. What are the values of the demand and supply elasticities?
The government adopts a tax increase and cuts spending to reduce the budget deficit and the government adopts a "fiscal stimulus" by increasing its spending on infrastructure
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
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