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Give an example of a decision that is rational ex-ante but irrational ex-post. Under what conditions will this ratonality be different and under what conditions will the rationality (ex-ante and ex-post) be the same?
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Determine GDP,NDP,GNP,NNP,NI,PI,DI,S. Comment on savings magnitude that you have determined.
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
Explain the difference between a monopoly and an oligopoly, and a cartel and provide an example of a monopoly, an oligopoly, and a cartel.
A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 50 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
Determine what are the impacts of innovation and technology on the cost of production and explain how does technology affect market structure and real world competition?
The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below. Compute the expected production for next quarter for each department.
What does the price elasticity of demand measure? what is the absolute value of the short-run elasticity of demand for bread has been estimated to be 0.15. Its long-run elasticity of demand.
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
What will happen to Y (GDP), r (real interest rate), P(price level), and I(investment), in the short run ?The answer should indicate will these values increase or decrease in the short run.
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
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