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If you have the utility function U(x,y) = min{3x + y, 4y}. Where x is measured on the horizontal axis and y is on the vertical axis. How would you figure out what the indifference curve consists of?
Write down the some real-life examples of monopolistically competitive, oligopoly, and monopoly markets.
Describe the pricing strategies in monopolistic competition, oligopoly, and monopoly market models. Explain which market structures are price makers and price takers. What is the difference in the demand curves and why.
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
The company estimates the probability of no damage to be 0.60, the proof damage between $0 and $10,000 to be 0.25, and the probability of damage between $10,000 and $25,000 to be 0.12. If the company wants to make a profit of $200 above the expect..
A poor person who has an income of $1,000 receives $100 worth of food stamps. Draw the budget constraint if the food stamp recipient can sell these coupons on the black market for less than their face value.
What is the most common way modern labor unions use to raise wages? This will result in the fewest jobs lost if labor demand is elastic or inelastic?
can country A change the outcome of the game by burning the bridge they are crossing to invade and committing its troops to fight? expand the game tree to show this option for county A and find the new Nash equilibrium. Explain
How might a Wal-Mart representative respond to the negative criticism that might arise as the result of sighting the new facility in a community ranging from traffic congestion to anti-union sentiment to unfair competition.
What is adverse selection? How does it harm the economic process and what is moral hazard? What are its consequences
How would a change in the nominal exchange rate affect competitiveness in the short run when prices are sticky and business executives and policymakers are often concerned about the competitiveness of American industry
Plot the marginal revenue and marginal cost curves and is the industry the firm operates in competitive? Is the industry in long-run equilibrium?
Describe how market structure affects market performance and conduct. Recognize three types of government regulation that aid to enhance market performance
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