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1. Do you agree or disagree: A price setter company (like a monopoly or an oligopoly) can earn greater profits by charging one price than by practicing price discrimination. Support your answer. Give example of how they do this.
2. What is price discrimination? Give three examples of it. What would NOT be an example of price discrimination? Which of the Four industries that we studied can do price discrimntaion? For a company what would be the ideal type of price discrimination?
3. What does a cartel OR a Kinked Demand Curve tell us about the nature of competition and collusion? Is it better to be a consumer where there is a cartel or kinked demand curve? Why? Pick one of the Two cases to examine for this question. Don't try to do both. Be specific and accurate.
4. What happens in the long run for the monopolistic competition firm and for the oligopoly firm? Which of the two are better for the consumer and why?
5. How are wages set in the labor market? Are workers and companies Wage (price) setters or wage (price) takers or both? Explain how a company or a worker can be a wage setter, while other companies and workers are wage takers. Hint: A wage setter is where the company/worker decide how much to pay/how much the wages should be and wage taker is where the company pays what the market wages are, no more or less.
Given the above prices, will the firm adopt a new method which involves 10 units of land, 3 of labor, 2 of capital, and 2 of entrepreneurial ability?
Suppose that the demand for the final product drops. Using labor demand curve D1 as the starting point, what happens to the demand for labor?
A profit-maximizing company operating in a perfectly competitive market can sell products for $100 a unit. The company has a cost function represented by:
although he was a prolific artist pablo picasso painted only 1000 canvases during his blue period. picasso is now dead
Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of a good. How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket includi..
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
What is value added in every sector also what is total output for the economy.
1. the summer beach house rental season is june through early september what will happen to the price and quantity of
Illustrate what does, and what doesn't, the Solow model tell us about the sources of economic growth and the best policies for attaining high per capita incomes.
With the unemployment salary at an hourly rate of $7.25 do youbelieve that this helps our economy, does it hurt oureconomy? Should it be higher as there are other states andcountries that have a higher base salary for unemployment
Which of the following will most likely be an unanticipated economic change and higher oil prices resulting from a revolution in an oil-exporting country such as Libya
A city engineer knows that she will need 25 million in 3 years to replace toll booths on a toll road in the city. Traffic on the road is estimated to be 20 million vehicles per year.
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