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a. Should the government break up a monopoly into a large number of perfectly competitive firms? Why?
b. Does monopoly lead to more technological progress than perfect competition? Why?
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
Use the graphical method to determine how many of each type of boot should be produced and what are the shadow prices of materials and labour?
The total operating revenues of public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1, and the price elasticity of demand for public transportation has been estimated to be..
You are the manager of Local Electronics Shop (LES), a small brick-and-mortar retail camera and electronics store. One of your employees proposed a new online strategy whereby LES lists its products at Pricesearch.com
If there were a global market in water, like there is in oil, how do you think the market would work Would a free world market in water achieve an efficient use of the world's water resources Explain why or why not.
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
Consider an economy that abides by the classical mode. The production function is unspecified, but we know that the Theory of Distribution (ToD)[W/P=MPN] holds. Suppose there is adrop in the level of capital.
You purchased a new molding machine for $155,000 by trading in a similar machine that had a book value of $18,000. Assuming that the trade in allowance was $20,000 and that $85,000 cash was paid for the new asset, what is the cost basis of the ne..
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
When the price of a commodity falls by Rs.2 per unit,its quantity demanded increases by 10 units. Its price elasticity of demand is (-)1. Calculate its quantity demanded at the price before change which was Rs.10 per unit. You may change Rupee[In..
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