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Part 1: Special characteristics of purely competitive firms
1. How does the investment banks industry fit into the perfectly competitive model?
2. Does pure competition, as a market model, have any disadvantages for a) producers, and b) consumers? Give examples to substantiate your response.
Part 2: Analyze the conditions required for pure competition to exist in the real world
1. Is pure competition a "desirable" market model for all industries? Should industries aspire for pure competition? Why or why not?
2. Think of an industry that does not function in a purely competitive market currently. Describe the changes that would be required, if this industry wanted to function under pure competition.
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
Trade Restrictions Effects on Exchange Rates. Suppose that the Japanese government relaxes its controls on imports through Japanese firm.
Suppose labor costs are 17.5 percent of revenue per vehicle for General Motors. In union negotiations during the late 1990s, GM attempted to cut its workforce to rise productivity.
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
A copper mining operation discharges waste products into a river and causes higher costs and discomfort to downstream users of the water.
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
Calculate the opportunity cost of producing the first 15 houses and what is the marginal rate of substitution between houses and clothing production?
Calculate output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level. Explain your answers briefly
What would be the long run price and quantity for this firm in a competitive market and in the long run how many firms are in the industry?
Total soft drink demand increased, and Pepsi took a larger share of the demand. Why is the equilibrium of this game different from that of a prisoners' dilemma?
Explain why inflation is a main concern for an economy, and examine how well inflation in Australia has been managed by the monetary authority.
A new taco making equipment that is same in size and expense to hog dog carts has encouraged more street vendors to begin selling tacos.
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