Reference no: EM13741226
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition?
Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe how your firm would maximize its short-run profits.
Why might firms in perfect competition choose to be open on Monday, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so?
What are the long-run benefits of running a firm in perfect competition?
Under what conditions would your value-menu fast-food restaurant decide to be open on Mondays, and when would it decide not to be open on Mondays? When is losing money on Mondays still a good business decision?
Explain how your experience as a manager would change if the value-menu fast-food restaurant you were in charge of operated under a different market structure monopolistic competition, oligopoly, and monopoly. For example, in each case, how would you decide what price to charge? What would your profits look like? Would consumers be better off in terms of welfare, when you compare a firm in monopolistic competition, oligopoly, and monopoly to one in perfect competition?
Two sources in addition to your textbook are required for this paper.
|
Discuss the process of adjustment to the new equilibrium
: Use a money supply and demand diagram to answer the following problem: Everything else being the same, what is the effect of an increase in interest rates on the price level? Discuss the process of adjustment to the new equilibrium.
|
|
Production of three different quantities of ditches
: Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
|
|
Discuss the motivational methods
: Write a 1,050- to 1,400-word paper in which you discuss the motivational methods you would use when introducing such a significant change to your organization. Address the following:
|
|
Under a situation of majority voting
: How can a small special-interest group win, since the benefits flow only to a small group, under a situation of majority voting?
|
|
What are the characteristics of perfect competition
: What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe ..
|
|
Management information system-automating inventory
: Write a 3 page paper that addresses how a management information system for automating inventory management, invoice generation, receiving processes, requiring customer order fulfillment, and having Web-based self-services would help her business ..
|
|
Payable in six equal end-of-year payments
: An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before the loan was fully repaid. At the end of three years,..
|
|
Real interest rate with his notation
: In macroeconomics from williamson (4th edition) in chapter 11, it says that demand for credit is R=q (totally elastic), but in williamsons notation, R is in nominal terms and q in real terms. Isnt that mistaken? shouldnt it be r=q? (r=real interest r..
|
|
Percentage change in total revenue after tariff increases
: The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent.
|