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(a) What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important? (Hint: consider perfectly competitive firms' demand curve, market power and long-run economic profits with these assumptions.)(b) In what condition will a perfectly competitive firm that incurs economic losses choose to produce rather than shut down in the short run? Why will the firm do so?(c) Should a firm produce at an output level at which long-run average cost is minimized? Explain. What is the economic profit that all firms earn in a perfectly competitive industry in the long run equilibrium?
"You have no right to shut my line down," snapped Connie. "I'm in charge of this line and I am the one to shut it down when there are problems. I suppose you've screwed around with the robot too. The minute I turn my back, you people sneak in here..
You're the GM of firm that manufactures PC's. Demand for them has dropped 50%, thanks to soft economy. The sales manager has identified only one potential client, who has received many quotes for 10000 new PC's.
Calculate marginal pdf's of both variables and calculate the probability that Bobo has fun if Bobo studies economics.
Current concerns stem from the fear that if medicare remains an open ended program, its share of the federal budge will continue to increase over time. Prepare a brief memo examining "a freeze in physicians' fees and a requirement of mandatory ass..
Determine the impact of tariffs and quotas on international competition and discuss two recent examples and how it effected your employer's industry.
What happens to the reserves of the bank? What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency? How would your answer in part b be aff..
"A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending."
Female shoppers generally value microwaves more than men and attribute greater value to the auto-defrost feature. There is little additional cost to incorporating an auto defrost feature.
The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below. Compute the expected production for next quarter for each department.
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
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