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If the price level is above the equilibrium price level, how does the aggregate quantity of goods and services demanded compare to the aggregate quantity of goods and services supplied at the price level? Is this a condition of equilibrium? If not, then what mechanism allows the ecnomy to move toward equilibrium?
Explain what is meant by diminishing returns. From these costs curves explain when diminishing return sets in? Why and explain the relationship between ATC, AVC and AFC.
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
Find the taxi firms profit maximizing or loss minimizing output level, Q. Calculate the monopolist's total profit. What is the monopolist's average profit?
Compute the probability of failing to stop at an intersection, given the driver was on the cell phone.
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
Evaluate the impact of the proposal to cut prices and what is the optimal profit-maximizing markup suggested by economic theory?
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
Suppose you are the Chief Economist of Antitrust Division of the Department of Justice. There is a single manufacturer of streaming video services that has a patent on technology so that no one else can give the service.
What is the average fixed cost of producing 2 units of output based on the following table:
Describe supply and demand as it relates to airport market structure(oligopoly). Describe customers options - given the customers are price sensitive
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is: a.perfectly price inelastic b.perfectly price elastic c.relatively price inelastic d. relatively price elastic
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