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1. The kinked demand curve describes price rigidity. Explain how the model works. What are its limitations? Why does price rigidity occur in oligopolistic markets?
2. Why does price leadership sometimes evolve in oligopolistic markets? Explain how the price leader determines a profit-maximizing price.
3. Why has the OPEC oil cartel succeeded in raising prices substantially while the CIPEC copper cartel has not? What conditions are necessary for successful cartelization? What organizational problems must a cartel overcome?
How do you know that the firm represented in the graph above is a purely competitive firm and to maximize profits, this firm will produce at what output level and explain why this MR=MC position is the profit-maximizing position for any firm.
Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry
As Malcolm Gladwell points out in his article "High Prices," increases in drug spending are more the result of increases in drug utilization then in increases in drug prices. Why is this relevant to the debate over whether something should be done..
The extra flow of information through the Internet is likely to work to the benefit of buyers, pushing prices down. But in Web-based exchanges where there are only a few seller and many buyers
How long has Wal-Mart made positive economic profits? How long has Starbucks earned positive economic profits? Has entrepreneurs been able to innovate and otherwise compete with Wal-Mart and Starbucks?
How much is the long-run equilibrium price? How many firms will be operating in this equilibrium? Plot two side-by-side graphs to illustrate the long-run equilibrium; one should show a typical firm in equilibiurm, the other should show the market..
Do you think the demand for mangoes is price elastic or price inelastic? Explain your answer based on the determinants of price elasticity of demand.
What three things must equal price in a long run competitive equilibrium What adjustments occur if any of these doesn't hold How are each of these things brought into balance with price
What is the approximate p-value of this hypothesis and find the confidence interval for the population mean
You have been put in charge of electricity restructuring on the Isle of Mann. As part of the restructuring plan, it has been suggested to you that all wholesale electricity should be sold on the spot market at a price that is set every single min..
Also suppose that the actual professional staff hours charged to clients' accounts and the actual overhead costs turn out to be exactly as estimated in both years. By how much would the overhead be underapplied or overapplied in 2008 and in 2009? (Le..
Mikey cuts hair to pay for his tuition for college. Unfortunately, the cost of a haircut in his town hasn't risen in years, and neither has his hourly wage. To make matters worse, the cover charge at his favourite club, Stages
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