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When a market is perfectly competitive, individual sellers
A. can sell all that they want at the prevailing market price
B. are price takers
C. assume that they cannot affect market price
D. regard the price of the good as being given to them
E. All the above
Suppose the airline industry consists of two firms, A and B. These two firms engage in Cournot competition with each other over a certain route for which inverse demand is P(Q) = 1000 − Q with Q = qA + qB. Solve for the Cournot equilibrium price. Sup..
Distinguish among microeconomics also macroeconomics also identify some relevant topics to each
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
We know that Keynes and Minsky both had a multipoint description of the trade, or business, cycle with Minsky being more detailed than Keynes. Using Keynes' elements of the trade cycle as major bullet points, as-sign Minsky's elements of the business..
What are the equilibrium price and quantity. If demand increases to D', what are the new equilibrium price and quantity. What happens if the government does not allow the price to change when demand increase.
Average citizens are not concerned about the incidence and efficiency of taxes when they debate tax issues. They are concerned primarily about the fairness of the tax system. Economists have proposed two conflicting principles of fairness in any tax ..
Classify the following topics as relating to microeconomics or macroeconomics?
illustrate what feature of the value function explains the phenomenon, and how.
Suppose that an economy’s production function is cobb-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decreas..
Consider a country, called Home, with one domestic rm competing with n foreign rms. Write the prot functions for one domestic and for one foreign rm. If all these rms compete in quantity (Cournot competition), derive the equilibrium quantity produced..
You went out to dinner one night and observed one of your patients drinking heavily. The next day the patient is to check into the hospital for a pre-scheduled surgery. Your colleague found out about this and stated the patient’s behavior was irratio..
Explain how does this relate to the idea which diminishing marginal utility must be understood in context. Many people buy too much on their credit cards, even when they know they will be sorry when they get their credit card bill.
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