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What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase. What distinguishes oligopoly from monopolistic competition?
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Explain how microsofts bundling of free internet browser software with its windows operating system could violate US antitrust laws, and be sure to mention which laws in particular might be violated.
What is your expected rate of return over the one-month holding period?
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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