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The demand curve "as seen by the firm" varies with the structure of the relevant market. What is the structure for a firm that has to act as a price taker? Is such a firm doomed to suffer losses? How does the profit/loss situation change between the short run and the long run for such a firm? In the long run are average costs of production efficient?
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits? How might the long run differ from the short run?
Determine the impact of the increase in the price of soybeans on the rental rate of land and determine the impact of the increase in the price of soybeans on the welfare (real wage) of labor.
The Labor Market and Minimum Wage
name a good or service that you have purchased in recent months from a monopolist. How did the monopoly come to exist Do you think you would have benefitted from increased competition in the market for this good or service
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia and what is Thorpe's marginal cost of GPA? Show and explain how his MC curve is derived.
Which of these same four curves would shift as a result of the per-burger tax? Why? Show this in a new graph. Label the graph as precisely as possible.
A,B, and C decide to act illegally as a cartel, to divide the market equally among the three of them, and to set the price and output that will maximize their total profits. What price and output do they set? What is the output level that each of ..
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Explain why this manager might nonetheless have a strong incentive to maximize the firm’s profits.
Discuss why the number of children that a family has may differ in an Industrial Society and a Third World Agrarian Society.
Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or long-term productivity in the U..
explain in words, and use a graph to illustrate, how a Monopoly decides how much to change and how much to produce. Include Marginal Cost, Marginal Revenue, Demand, Average Total Cost, and Profit. Assume the Monopoly is a Natural Monopoly and draw..
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
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