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The higher the concentration ratio, the
a) more control an individual firm has to set prices
b) more competitive the industry
c) less competitive the industry
d) Both a and c are correct
MGMT 650 Fall 2016 Problem Set 2 - Compute probabilities - The probability of rolling the number 6 using one die - what is the probability that it is a nonconforming bottle?
The bicycle industry is made up of 100 firms with the long-run cost function c1(y) = 2 + (y^2)/2 and 60 firms with the long-run cost function c2(y) = (y^2)/10. No new firms can enter the industry. What is the long-run industry supply curve for prices..
Discuss the following statement: Whenever the output is below potential and the government has a fixed exchange rate policy, it can use monetary policy to stimulate the economy and bring it back to full potential.
Consider a firm for which production depends on two normal inputs, labor and capital, with prices w and r, respectively. Initially the firm faces market prices of w = 6 and r = 4. These prices then shift to w = 4 and r = 2. In which direction will th..
You must summarize the criminal conduct, identify offense by name and type (i.e., mass murder, a crime of violence, stranger to stranger), then discuss the following questions as outlined below. Discuss the crimes they committed, the reason(s) provid..
What is scarcity? Why is scarcity central to the study of economics? Why does scarcity imply that every society and individual must face trade-offs? What is the difference between efficiency and equity? Why do government policymakers often face a tra..
Describe the concept of opportunity cost with example. What would be your opportunity cost of taking on-line classes to get a degree at your University as compared to taking classes at traditional day schools at your University?
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
q.suppose that a banks customer deposits 4000 in her checking account. the required reserve ratio is 0.25. what are the
Suppose your business is currently employing 750 workers, the only variable input, at a wage rate of $48. The average product of labor is 96, the last worker added 6 units to total output, and total fixed cost is $12,000. What is Average Variable Cos..
If Price elasticity of demand for restaurant meals is 2.27 and restaurant meals wants to increase slaes by 45% by illustrate what percentages would the price have to decrease to get the intended resualts.
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable le..
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