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1. Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over time?
2. In the purely competitive firm, producing a homogeneous product in a market with many sellers, are there any strategies to operate and earn economic profits in the long run? Are there agricultural firms (often cited as an example of pure competition) that earn economic profits? How can they do this?
3. Innovation is often associated with the products the organization sells. However, innovation can be much more broadly interpreted in the organization. What other types of innovation could an organization employ to gain a competitive advantage and earn economic profits?
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?
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
Provide an example of the price discrimination for good or service which you thought it to unfair. Do you still believe that the discrimination is unjustifiable.
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
What are the advantages of the Herfindahl index over concentration ratios in measuring degrees of concentration in an industry? (b) What is the disadvantage of both?
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Different customers pay varying prices for essentially the same coach seat because some passengers qualify for discounts and others do no..
Future economic glowth
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