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Task: Suppose you manage a local grocery store and you learn that a very popular national grocery chain is about to open a store in your town a few miles away. Use the model of monopolistic competition to analyze the impact of this new store on the quantity of output your store should produce (Q) and the price your store should charge (P). Note, we are assuming you each sell one representative good. Explain how the opening of this new store may affect your business. Be sure to address what can happen to your customers, supply and demand, and prices. What will happen to your profits? Show graphically and explain your reasoning in detail. (e.g., how and why will your profits change? How can that be seen on the graph?) Explain at least one strategy that could be used to defend your market share against the new store (e.g., address what you are going to do to keep your customers).
What is the difference between the short run and the long run? Explain the difference between total product, marginal product and average product. What is the relationship between total product, marginal product, and average product shown by the law ..
Under the guidance of a good manager, a monopolistic ally competitive firm spends an optimal amount of its revenues on advertising. Last month the firm spent $2,500 of its 510,000 revenues on advertising. If its advertising elasticity was 0.5, what w..
Would you expect expansionary fiscal policy to make interest rates in the economy higher, lower or unchanged? Sketch a diagram of the market for borrowing and lending in the economy to illustrate your answer. How will the affect on interest rates tha..
Which of the following statements is true regarding welfare reform in 1996?
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 demand or each the following values of the MPC. Then calculate the change if the gove..
Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.
Consider a production function of the form Y = AF (K, N, Z), where Z is a measure of natural resources used in production. Assume this production function has constant returns to scale and diminishing returns in each factor. What will happen to outpu..
What is On the Bleeding Edge? Think about the way social media impacts your life as far as product marketing – online coupons, Groupons, email ads etc. What is on the bleeding edge of technology and how can your product use this idea to increase sale..
Why do firms from each of the following categories become multinational? Identify the competitive advantages that a firm in each category must have to be a successful multinational. Which of the following can occur as a result of advertising in a mon..
What is the difference when conduct the ETL with Cooperate information factory and business dimensional lifecycle?
Show each of the following events on a bank’s T-account:
How much did you pay the third month? How much total interest did you pay over the three months?
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