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The economist Joseph Schumpeter (1883 - 1950) said that in textbooks, competition is about pushing price down to average cost, "[but] in capitalist reality as distinguished from its textbook picture, it is not that kind of competition which counts but the competition from the new commodity, the new technology, the new source of supply, the new type of organization...competition which commands a decisive cost or quality advantage and which strikes not at the margins of the profits and the outputs of the existing firms but at their foundations and their very lives...this process of Creative Destruction is the essential fact about capitalism."
In the long run: zero economic profits across industries could help with a decision. If this were the case, and this fate was unavoidable, going into business would seem to be a fairly dismal choice, given that the end result of zero profits is known right out of the gate. Despite this, we constantly see entrepreneurs working hard to earn profits. Is this a waste of time? Is the fate of zero profit unavoidable? What would Joseph Schumpeter say about all of this?
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free. Draw a graph..
Two firms are ordered by the federal government to reduce their pollution levels. Firm A's marginal costs associated with pollution reduction are MC = 30 + 6Q. Firm B's marginal costs associated with pollution reduction are MC = 24 + 12Q.
How does the price faced by a profit-maximizing competitive firm compare to its marginal cost? Explain. When does a profit-maximizing competitive firm decide to shut down? When does a profit-maximizing competitive firm decide to exit a market?
Illustrate what sets the 1st generation marginal lists apart from their second generation marginal list
Suppose an oil embargo results in a 20% reduction in the supply of gasoline in the U.S., and the price elasticity of demand for gasoline in the U.S. is .75.
Why does a government undertakes expansionary fiscal policy? What are the problems of undertaking expansionary fiscal policy?
Although the web has brought many changes to the delivery of customer service some are good changes but not all are. What are the advantages and disadvantages of a web based customer service approach?
Do you think the NRA is justified in its actions toward the CDC? Do you think the CDC should pursue gun-related injury research? The NRA contends that the CDC had an anti-gun agenda and that it was playing politics with the research. Does this alter ..
What decision error is more likely to be discovered by the CEO? How does this affect the HR manager's decisions?
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
In a two player game in which each player has only two strategies,
The machine has a salvage value of $250 at the end of its 5-year useful life. Determine the present worth at an interest rate of 5%.
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