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A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
Illustrate a firm in this market structure that is making short run economic profits. Specifically identify/label the areas that represent total revenue, total cost, and profit.
Describe and illustrate long run equilibrium in this industry.
What key characteristic of this industry is cause for debate among economists? Why?
The salvage value of either alternative is negligible at any time. If MARR is 10% per year, what present expenditure for the auxiliary equipment can plan you justify spending? Assume that you need the heating system infinitely.
What is the monetary certainty equivalent for the following gamble: gain $130 with probability 0.4, lose $320 with probability 0.6.
Using a market or industry as an example, explain how the Prisoners' Dilemma game helps explain observed (real-world) behavior among oligopolistic firms.
Discuss whether each statement is an example of positive economics or normative economics or if it contains elements of both: an increase in the personal income tax will slow the growth rate of the economy.
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 a. Solve for the goods market equilibrium and state the equation for the AD and IScu..
When the prices reduces to $9 the restaurant sells 200 per day. Provide the absolute value of the price elasticity of demand.
q.why cant all the balance of payments accounts be in surplus? what factors determine the demand for british pounds in
Explain General Medical makes disposable syringes for hospitals and doctor supply companies. The company uses cost plus pricing and currently charges 150% of average variable costs.
Explain why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise in downtown areas.
Illustrate what is the point price elasticity of supply at the equilibrium quantity. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20.
Suppose that Congress passes a constitutional amendment requiring the U.S. government to maintain a balanced budget at all times. Thus, if the government wishes to change government spending, it must always change taxes by the same amount, that is "G..
Calculate the internal rate of return and the net present value to determine the desirability of this investment.
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