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A. What are the key characteristics of monopolistic competition?B. If in the short-run, firms in a particular industry experience profits that exceed a normal economic profit, what signal does this send to firms outside the industry? If firms choose to enter or exit the industry, do they do so in the short-run or the long-run? Why?C. What is the relationship between a firm's attempt to distinguish or differentiate its product from competitors and price elasticity of demand?D. Compare an industry operating under conditions of monopolistic competition with an industry operating under conditions of perfect competition as it relates to price, output levels, and efficiency.E. Why is "Brand Name" important when a firm is operating under conditions of monopolistic competition? Is there a cost associated with the variety provided by firms operating under conditions of monopolistic competition? Explain.
Consider a simple economy with only Robinson Crusoe, coconuts and leisure. He has utility U (c,l) = c^(1/2)*l and a production function C=L^(1/2), where c is the amount of coconuts he consumes, l is the amount of leisure he consumes, and L is the ..
Calculate the nominal GDP in 2005 and 2006 Tropic Republic and calculate the GDP in 2006 using the method of the base year prices.
Rise in the price of TV sets in Japan also depreciation of the dollar lead to a total increase of 9 percent in the dollar price of imported.
What could a president or other government policymaker do to raise a contry's standard of living.
Explain why both marginal and average costs are believed to eventually increase in the short run.
Most practitioners presently update MRP weekly or biweekly. Would it be more valuable if updated daily, or even on a real-time basis.
The market for hog hats is competitive and demand is given through P=75-Q while supply is given by P=15+2Q. Determine the equilibrium price and quantity in this market?
Assume you decide to open a copy store. You rent store space, and you take out a loan at a local bank and use the money to buy 10 copiers.
Ilucidate the estimated demand for the company's product. Determine the point cross price elasticity.
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
Elucidate what it means that the preference relation has a utility function representation,
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