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a) Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic (i.e., horizontal at the going market price).
b) The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows:
TC = 500,000 + 0.85Q + 0.015Q 2
Q = 14,166 - 16.6P
Determine the short-run profit-maximizing price.
c) Explain why the demand curve facing a monopolist is less elastic than one facing a firm that operates in a monopolistically competitive market (all other factors held constant).
Illustrate what does this imply about the effectiveness of monetary and fiscal policy to reduce the unemployment rate.
Since 1965 the average amount of leisure time for men has increased by 8 hours per week. that's like an extra 9 weeks of vacation per year. For women the average increase in leisure has been 6 hours per week. What does this tell us about the income e..
(Edge worth box) Suppose Jimmy and Rita are in an exchange economy. Their endowments: apples and oranges. Suppose further that both Jimmy and Rita’s utility functions are concave in the two goods. If the initial allocation is that one party has all o..
After graduation you face a choice. One option is to work for a highly regarded consulting firm and earn a starting salary (benefits included) of $55,000. The other option is to use $12,000 you have in savings to start your own consulting firm. Based..
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1. What were the key decisions regarding exposure to risk that the company had to address in order to survive? 2. Why would you think that it is important to have the risk management strategy embedded in all aspects of a successful enterprise?
The regression results of these three models are as follows (figures in the parentheses are the standard errors of the corresponding estimated regression)
Suppose that a railroad runs beside a field in which commercial crops are grown. The railroad is powered by a steam locomotive that spews
Mr. Jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a periodic savings plan to do this. If he makes equal annual payments into a savings account that pays 4% interest per ..
Please read and follow the instructions I need a well written paper that flows from each paragraph to the next and is original work NO PLAGIARISM (will submit to Turnitin)
1. For each cases a) and b), specify whether the foreign direct investment is horizontal or vertical; in addition, describe whether that investment represents an FDI inflow or outflow from the countries that are mentioned.
Jim, Mike and David are the only individuals participating in the very particular labor market for 'protective' services.
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