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Suppose the restaurant industry is perfectly competitive and all producers have identical cost curves. The industry is currently at a long-run equilibrium, with each firm producing at its minimum long run average total cost of $8.
a) If there is a sudden increase in demand for restaurant meals, what will happen to the price of restaurant meals? How will individual firms respond to this?
b) In the market as a whole, will the change in equilibrium quantity be greater in the short run or the long run? Explain.
c) Will the change in output on the part of individual firms be greater in the short run or the long run? Explain.
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Some economists suggest that the increase in e-commerce within the business-to-business (B2B) market will lead to greater competition and more goods and services becoming commodities, meaning they will compete solely on price. How do you think thi..
An outcome that can result from either a price ceiling or a price floor is:
Suppose i = 3%. Find the value one month before the first payment of a level annuity-due paying $200 at the beginning of each month for five years.
i) With the use of a graph, explain why the marginal rate of substitution diminishes as one moves down an indifference curve
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Elucidate how that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale
Discuss how these characteristics impact the firm in a perfectly competitive situation would decide how much to produce and charge.
1. Suppose the central bank changes its interest rate rule to set a higher value of the saving real interest rate for a given level of output.
Comment on the following assertion: 'If the trends in schooling continue, at some point in the future, everyone will have a college degree
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