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Suppose an olligopoly consists of two firms Firm A lowers price and Firm B responds by lowering its price by the same amount. If averages costs and industry output remain the same, which of the following what will occur
profits of the two firms increase
profits of the firm will remain the same
they will decrease
barriers to entry will come tumbling down and new firms will enter
Is the perfectly competitive model a good benchmark for an economic system which uses Biblical worldview? Use Scriptural support where appropriate and also comment on the perfectly competitive model as a guide for public policy. What should be the ro..
His plant engineers report that, at his projected volume, labor costs are $1.00 per package, material costs are $2.00 per package, and other average fixed costs are about $0.7. What price should he charge for his firm's product?
Demand for microprocessors is given by P=35 - 5Q where Qis quantity of microchips in millions. The typical firm’s total cost of producing a chip is Ci=5qi where qi is the output of firm i. Suppose that one company acquires all the suppliers in the in..
The long-run market supply curve in a competitive market will
If the countries split the market evenly, Illustrate what would be South Africa's production also profit
Compute the elasticity of demand when the price of a deluxe cheeseburger raises $2.50 to $3.00 which causes sales to fall from 175 deluxe cheeseburgers each day to 125 deluxe cheeseburgers each day.
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s). Draw a supply and demand graph to explain this change. Be sure to label your graph and clearly indicate the change of the curve.
q.the long-run average cost curve for a firm in an industry isatc 10q2 - 50q 100 as well as its marginal cost ismc
For each of the following sets of supply and demand curves, calculate equilibrium price and quantity.
it can sell its output for $25 each. Illustrate what is break-Explain how your work both graphically and algebraically.
The New York City rent stabilization law of 1969 established maximum rental rates for apartments in New York City
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