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a. What is monopolistic competition? Use some Australian examples in answering this question.
b. What are the differences among monopolistic competition, perfect competition and monopoly?
c. Explain the long-run equilibrium of a monopolistically competitive firm using a diagram. Does a monopolistically competitive firm produce too much or too little output compared with the most efficient output level? Briefly discuss welfare implications of the long-run equilibrium.
d. Briefly explain why is advertising prevalent in monopolistic competition?
If the Snoof Company wanted to maximize REVENUE, what price would they set? Please use up to two places after the decimal in your calculations.
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Suppose that the quantity demanded of wheat was cut by 2 percent. By what percent did the price of wheat fall or rise?
Your firm manufactures sugar-free candies for diabetics. As one way to boost revenue and improve cash flow, a financial advisor has suggested entering the market for regular sugar-based candies. It's your responsibility to decide if this move makes s..
At what nominal interest rate will money double in 6 years if interest is compounded quarterly? What is the effective interest rate?
Where in the World Do I Start Resolving These Issues?
Define the term finance and explain how unemployment, minimum wage, stock markets and our economic as a whole affected the people?
Your sister is thinking about starting a Web-based business selling specialty tea to upper middle class Americans who are working outside the home for compensation. She is unsure if she also wants to open up a physical store in her current home State..
What is the future worth in Sally's savings account at the end of the 7 years, if the account earned 6% annual interest, compounded monthly?
Suppose the government decreases taxes by 20 percent. Describe the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.
Consider the market for small business loans. In the context of this market.
The average total cost of a monopolistic firm is AT C = 80/Q + 20Q. The firm is facing the demand function given by P = 6000 − 20Q. a) What will be the total profit that this firm will generate if it chooses price and quantity optimally?(Profit=22492..
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