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Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
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