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Suppose you are hired to manage a small manufacturing facility that produces Widgets. (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently increased and market supply has recently decreased. Name two shift factors and determinants that could have caused the market demand to increase and two shift factors and determinants that could have caused the market supply to decrease. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price and quantity to match the market. (Part B) Now, suppose that the following changes in demand and supply occur: (1) a complimentary good goes up in price and (2) your costs of production decrease. What decisions will you make regarding production levels and pricing for your Widget facility based ONLY on these changes, for example, do not factor in the changes in part (a) here?
If a country has the comparative advantage in producing cloth, in the market for cloth the autarky price would be _____ the world price and the country would _____ cloth.
What is your expected utility if you reach your sales goal 50% of the time? b.Suppose the sales goal was lowered so that you meet it 60% of the time.
shutdown point case average variable cost market price lt average total costnbspif the market price in the above
What is the equilibrium level of income? If government purchases increase to 420, what is the new equilibrium income? What is the multiplier for government purchases?
Market demand is given by P = 140 -Q. There are two firms, each with unit costs = $20. Firms can choose any quantity. Find the Cournot equilibrium and compare it to the monopoly outcome and to the perfectly competitive outcome. Why aren't the latter ..
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. Discuss any recent purchases you hav..
When a government or corporation sells bonds to raise money, it can do so in one of two ways. It can target a certain amount to raise or it can target a certain amount to pay back at the end of the bond (this is simplified for the purpose of the prob..
q.the private marginal cost is mcp 80 q while the marginal harm to the rest of society from gunk is suppose the
Suppose that the economy starts at equilibrium and the mpc = 0.8. Illustrate what would be the effect of a $300 increase in taxes once all the rounds of the multiplier process are complete.
consider that two countries brazil and argentina have the same rates of investment population growth and depreciation.
q1. on a 100-acre farm a farmer is able to manufacture 3000 bushels of wheat when he hires two employees. also he is
Discuss the pros and cons of keeping the federal funds rate near zero percent. Do you think the Federal Reserve was ever concerned about facing a liquidity trap? Yes or no? Discuss.
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