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1. Draw graphs showing a perfectly competitive firm and industry in long run equilibrium.
a. How do you know that the industry is in the long-run equilibrium?
b. Supposed that there is an increase in demand for this product. Show and explain adjustment process for both firm and industry
c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
To make the case that one country has a comparative advantage over another country in the construction of a given good or service,
Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you were not in class, determining the ..
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Explain your answer with a diagram. Is it fair to charge all househ..
What factors determine the sensitivity of net exports to the interest rate? Consider the cases where net exports are very sensitive to the interest rate and where they are very insensitive. Compare the effect that an increase in the money supply has ..
Illustrate what is the competitive advantage including low cost strategy, cost leadership also focus strategy of HSBC Holdings.
A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is $1,600,000. The property was purchased 5 years ago for $2,100,000. Accumulated depreciation allowances of $380,000 have been..
Three mutually exclusive projects are being considered for a remote river valley: Project R, a recreational facility, has estimated benefits of $10 million and costs of $8 million; Calculate the benefit-cost ratio and net benefits for each possible a..
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Write a two- to three-page paper (600 words minimum) examining perfect competition in the value-menu fast-food restaurant business. Address the following questions in your paper: What are the characteristics of perfect competition? Why does this type..
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
q1. explain why does production ultimately experience diminishing marginal returns to labor in the short run?q2. what
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