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1) Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
i) Pure monopoly
ii) Oligopoly
iii) Monopolistic competition
iv) Perfect competition
The market for a standard-sized cardboard container comprises two firms: BooBox and Flimflax. As manager of BooBox you enjoy patented technology which permits your company to produce boxes faster and at lower cost than Flimflax.
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Monopoly Rinks is the only ice skating facility in Mapleville. The next closest rink is about 100 miles away. It has determined that its demand curve is
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Angelica pickles manager a Quick copy franchise White Plains, New York. Pickles projects reducing copy 5¢ to 4¢ each, Quick Copy's $600-per-week profit contribution will increase by one-third.
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
A monopolist has demand and cost curves given by: Find out the quantity that maximizes profit? What is the revenue and profit at that point?
Using two graphs, show consumer surplus before and after government intervention.
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
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