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The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of the following is possible):
Monoply-->Oligopoly-->Monopolistic Competition-->Perfect CompetitionMonoply-->Oligopoly-->Monopolistic Competition-->back to OligopolyPerfect Competition-->Monopolistic Competition-->Oligopoly-->Monopoly
Which path is the most consistent with the traditional Product Life Cycle (introduction, growth, maturity, decline)? How do you see pricing strategies and profits evolve along these possible paths?
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Using two graphs, show consumer surplus before and after government intervention.
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
There is the firm that has pricing control of its output and is capable to identify its consumers in two groups. The total quantity demanded for its output is the summation of quantity demanded by the two groups,
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
What key economic concepts underlie the employ of discount coupons by businesses?
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
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