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(a) What are the characteristics of monopolistic competition?
(b) Why is the firm's demand curve flatter than the total market demand curve in monopolistic competition?
(c) Suppose a monopolistically competitive firm is making a positive economic profit in the short run. What will happen to its demand curve in the long run? And what will be its economic profit in the long run? Briefly Explain.
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
If the two are not independent, a shift in the demand curve can lead to a shift in the supply curve referred to as? a)supply-side economics b)physician-induced demand
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
identify at least five (5) fixed costs and five (5) variable costs OF the NFL (National Football League). If the business or economy slows down, discuss how the industry can control its costs based on the ten (10) costs you identified.
Based on a Rate-of-Return analysis of alternatives A & B alternative B was selected. A Net Equivalent Uniform Annual analysis of the same alternatives led to the selection of alternative A. Describe the circumstances which could lead to this outco..
You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q^2. Your firm's maximum profits are: A. 125, B. 250, C. 100, D. 85 6. A perfectly competitive firm faces:
Suppose you are appointed to chair the Federal Reserve. Your twin goals are to maintain low inflation and to stabilize economic activity- that is, to keep output at potential. Why are these appropriate goals for monetary policy?
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?
Tanya operates a home business importing sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on advertising, accounting services and u..
What factors would cause a firm to decide to buy intermediate products needed for production of its final goods or services?
Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000.To maximize profits in the short-run, the monopolist should do.
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