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Under perfect competition firms take prices as given. In that case, and under constant returns to scale, firms make 0 profits in equilibrium. Show that this is true for the Cobb Douglas production function, when firms rent capital from households at a real interest rate r and hire workers at a real wage w.
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You are the manager of a new firm that can choose between two technologies for producing output using only labor. Technology A can produce two units of output for each hour of labor input. Technology B can produce three units of output for each hour ..
Find out a product and describe its price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity.
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Assume that the MPC is 0.89. If there was an $75 billion autonomous increase in expenditures, what would the total increase in expenditures including the initial increase?
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Marginal economics textbooks typically cover the issues of market structure and cover perfect competition in some detail. However, perfect competition actually does not exist in pure form as the conditions are too restrictive for any industry to meet..
Within the next year? Over the long term. Elucidate what resources does he have at his disposal to enhance the reputation of the firm and turn it round.
Explain how the Internet and the Web make e-commerce possible. Briefly discuss at least six features or services that support e-commerce. What are Web transaction logs, and how do they work in combination with registration forms.
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