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Market Structures: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly Describe the following each one: 1. characteristics of the market 2. number of substitutes for the good 3. barriers to entry- legal, control of resource, financial 4. government involvement/regulation in the industry 5. government costs to control and regulate the industry 6. how do they price goods? competition? 7. how much of the good do they/should they produce? 8. profit? high or low? 9. real world example of a business in that industry 10. a lot of marketing and advertising? 11. price discrimination to different buyers
What single sum of money at the end of the third year is equivalent to a payment series of $10,000 the first year, $9,000 the second year... down to 6,000 the 5th year? Assume the money has a time value of 10%/year compounded annually.
What are the ethical issues in this case? Who are the stakeholders and what are their stakes? When dealing with VOIP, how do you decide between freedom and protection when enhancing one diminishes the other? On what basis are you making your decision..
A tax is imposed on a certain good. The tax produces revenue of $5,000 for the government. The tax reduces consumer surplus by $3,000 and it reduces producer surplus by $4,000. What is the amount of the deadweight loss of the tax?
A man is planning to retire in 20 years. Money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount of end-of month deposit must be made each m..
In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use deferent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
What is social responsibility? How important it is toa customer and an employee?
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
Which of the following is a valid reason as to why prices will not always adjust to changes in spending?
conomist Robert Fogel focused on which of the following factors as one determinant of long-run economic growth.
A few questions in this problem set are based on the comments made by James Love to Congress regarding antitrust policy and the Petroleum industry. These are found at the end of the module on Antitrust Policy. What is it about the petroleum industry ..
A hospital bought digital imaging equipment annual payments of $243,000 per year over 8 years. if the interest rate is 13% what will the total amount paid for the equipment be at the end of the eighth year?
Assume that labor demand for engineering is perfectly inelastic and is given by the equation L^d=300, while the supply curve for engineering is given as L^s=210 +10W represents the hourly wage rate. what is the level of employment, wage and, unemploy..
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