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Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: (Wall-mart)
Identify the buyers and sellers as well as the goods or services.How closely do real world conditions match the characteristics listed in the model?Are the sellers price takers?Do they compete using price?Is the good in question standardized?Is this market regulated by government in any wayExplain the competitive environment.
Starting with estimated demand function for Chevrolets given Problem 2, suppose that the average value of the independent variables changes to n=225 million,
In the limit pricing payoff matrix, Coa can choose a given row of outcomes by offering a limit price or monopoly price. Choose a given column of outcomes by choosing to offer a limit price or monopoly price.
Create an educated guess as to illustrtae you expect to happen to short-term.
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
Explain why does the burden of sales tax fall completely on consumer when the price elasticity of demand is perfectly inelastic; the seller when perfectly elastic. and the prefect inelastic supply and perfectly elastic supply.
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
Is the subsiquent events cause the dollar to appreciate or depreciate against the Euro.
devaluation was comduct after the purchase and additional investment were completed, what is the new ROI.
How much does it choose to sell when it enters the market? What is the resultant market price? How much does each of the two firms earn in profits?
Why are these goals in conflict with each other? What is the relevance of the price elasticity of demand in determining which of the goals is likely to be most fully met? Why do you think excise taxes on gasoline, tobacco, and alcohol are common?
Calculate the arc price elasticity of demand over this price and consumption quantity range.
Next, consider the follwoing three scenarios and to describe the likely effects of an activist policy in both the short and long run.
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