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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs. (125-250 words.)
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model.
2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer.
4. What is the social cost of a monopoly? Explain.
5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products.
The demand function for Newton's Donuts has been estimated as follows:
Assume that the legal reserve requirement is 10 percent on all deposits. Suppose BoA has $200 million in checkable deposits, $30 million in reserves, $50 million in securities, and $150 million in loans. What is BoA's bank capital? Draw a balanc..
assume initially that the demand and supply for premium coffees one-pound bags are in equilibrium. now assume starbucks
If you could choose to work as many hours during the week as you wanted at a given per hour wage rate, to what level would the per hour wage rate have to be before you would begin to choose fewer hours to work
A firm produces according to the following production function: Q=k^.5L^.5 where q= units of output, k= units of capital, and L= units of labor. suppose that in the short run k=100. moreover, wage of labor is w=5 and price of the product is p=10. wha..
Briefly explain the tools that governments have to move the economy from either a recessionary or expansionary gap to the long run equilibrium level.
With the following data, calculate the firm's AVC and MVC and draw the graphs for TVC, AVC and MVC. Why is MVC the same as MC
In 2009 output for the country of OZ was 14,300 tons of potatoes and the total labor force 1,150 workers. the growth rate of average labor productivity between 2008 and 2009.
Either tenants occupy rent controlled buildings with a customers surplus deserve to live there.
Determine which type of regulation is used for each of the a. Preventing a merger that the government believes would lessen competition b. The activities of the Food and Drug Administration c. Regulation of fares charged by a municipal bus company
What is the equilibrium price of a box. Is this the long-run equilibrium price. Expalin how many firms are in this industry when it is in long-run equilibrium.
Do you believe that business has any direct ethical duties to living beings other than humans? Do animals, plants, or ecosystems have rights What criteria have you used in answering such questions What is your own standard for determining what ob..
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