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Need to answer the following questions. 2-3 short paragraphs per question. Please use citation's in each of the answers. Will tip based on the grade I get back. I will put through a program to make sure it is all original answer and not just from copy/pasted :) (The same one my teacher uses).
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.
Briefly explain how each of the following factors affect 17 year old Bob 's decision to go to college: his discount rate, the difference in labor market earnings in each year post-college between what Bob would earn with and without the college degre..
Use a graph to explain what happens to short run costs as a team owner increases quality. What type of expenditure is made by owners to make this shift occur? Is team ‘quality’ a short run or long run choice?
Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 –..
(a) Basing your calculation on simple interest and giving your answer correct to four significant figures, calculate the annual rate of rate of interest paid to Barbara. (b) State your answer in (a) rounded to three significant figures.
Discussion: Economic Exposure- After comparing and contrasting, explain the impact of both types of techniques in managing exposure.
Provide one example of a negative externality and draw a graph depicting the socially optimal quantity and the market quantity. Explain why this is a market failure. Explain the similarities between a negative externality and a common resource. Provi..
where p is the input price, and a, b, α, β > 0. Find the profit-maximizing price and quantity of the input the monopsonist will choose, and compare the analysis to that of the profit-maximizing monopoly
The total civilian labor force is comprised of
Contraction GAP, Illustrate what does a Contraction Gap imply about the actual rate of unemployment relative to the natural rate.
Imagine that the mayor has hired you as a consultant to evaluate the increase in aggregate demand in the city where you live. Describe to the mayor one (1) aggregate demand and supply factor that would have the greatest impact on the economy of your ..
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers..
explain why the actual increase in M-1 will be smaller than that indicated by the over smplified multiplier.
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