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Assume that perfectly competitive firms are employing labor in profit-maximizing amounts. Now suppose that, all else being equal, the market supply of this labor increases. How will the firms respond? How will they know when to stop responding?
Illustrate what type of market structure is auto industry. Has consumer surplus been affected in any way due to changes in auto industry structure and if so, how.
Rate, from best to worst, each of the sources ADP (Automatic Data Processing, Inc.) indicated in the SWOT analysis in terms of its probable reliability. Discuss the steps and/or actions you can take to validate the reliability and accuracy of the inf..
Explain Michael Porter's "Five Competitive Forces That Shape Strategy". What specific segments of the economy does Edmund Mennis recommend be carefully analyzed in assessing the degree of growth or stagnation of the economy?List several economic repo..
Elucidate the role of differentiation in the market for pizza. Then apply the feedback critique to the role of differentiation in the industry.
In the medical care sector, the decisions of what services should be produced, how they should be produced, how they should be distributed, and how to allow for growth and innovation must be made. What combination of non-medical and medical goods and..
In 2012, WVU president James Clements’ base salary was $775,000. The head football coach, Dana Holgorsen’s base salary was approximately $2.4 million. Why is the football coach paid so much more than the president? Should the head football coach be p..
An improvement in the technology of air travel has occurred which affects both classes equally. Draw a suitable diagram to illustrate and discuss the effect on the equilibrium price and quantity of business class and economy class tickets. From th..
What is time poverty and how does it influence consumer buying decisions? Think of this from the standpoint of how groups and situations influence consumers as a result of this time poverty. From a marketer standpoint, how might they use the marketin..
Suppose the quantity of gadgets demanded is reported to have fallen by 20 units—from 50 to 30 units—as a result of a per-unit-price increase in widgets from $10 to $14, what is the cross-price elasticity of demand? Explain your cross-price elasticity..
state whether each of the following events will result in a movement along the demand curve for McDonald's big Mac hamburgers or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or th..
If the short run marginal and average variable cost curves for a competitve firm are given by: How many units of output will it produce at a market price of 0 ? At what level of fixed cost will this firm earn zero economic profit?
Use the model of aggregate demand and aggregate supply to illustrate the initial equilibrium (call it point A). Be sure to include both short-run and long-run aggregate supply
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