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In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to:
a. lower price,
b. continue its efforts to differentiate product,
c. do nothing, because it will inevitably experience a decline in profits,
d. rise its price?
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.
Explain what happens to a market when Supply and Demand are not in equilibrium. Provide two instances from your personal experience when you observed the "disequilibria" of supply and demand in the market,
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
Three fans are to be installed at a mine site; one immediately at a price of $260,000, one in five years at an estimated cost of $310,000 and the third in eight years at a cost of $480,000. Find out the total expenditure as a present value if the ..
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
When a employee declares that he consider to quit, say next month, the threat of being fired has no bite. The employee may find it in his interest to shirk.
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
Give some examples of waiting lines in everyday life. What decisions should managers of such systems consider? Try to consider the production line as well as waiting in the queue.
According to Cahner's In Stat Group, number of worldwide wireless phone users will soon reach one billion. In the United States alone, the number of users is expected to increase by 17 million per year for the next five years.
Assume a market is characterized by a unionized and a non unionized sector. Both sections initially have supply given through Q=10,000+25w, and demand by Q=20,000-10w, where w is weekly salary.
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