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1) In what ways are the perfectly competitive, monopoly, monopolistic and oligopoly markets different one for the other?
2) Why are the firms in perfectly competitive market called price taker?
3) Why do you think a perfectly competitive market does not actually exist in real world?
4) Even though a monopoly firm discriminates price but it still contributes to social welfare. Please make some arguments in favor of a monopoly market.
Consider a profit-maximizing monopoly pricing under the following conditions. The profit-maximizing quantity is 40 units, the profit-maximizing price is $160, and the marginal cost of the 40th unit is $120.
What does Friedrich Hayek have to offer in terms of how prices inform customers?
What happens to employment in a competitive firm that experiences a technology shock such that at every level of employment its output is 200 units/hour greater than before?
The Disney Company regularly offers coupons good for discounted admissions into its amusement parks. However, they never offer any discounts on merchandise inside the parks (food; souvenirs; etc.). How can you explain this difference using the concep..
What is your opinion of the role of labor unions in early industrial America? Do you agree with their tactics?
Why the number of tools (instruments) has to be less than or equal to the number of economic objectives (goals).
Suppose that your firm is the only producer of a high-tech sports utility vehicle for North American markets. Assume a constant marginal cost of $25,000 to produce each vehicle and no fixed costs of production.
Who compiles data for the national accounting in US? How GDP is measured through income approach? How GDP is measured through expenditure approach? What are the differences between income and expenditure approaches in measuring GDP?
Sam Musso is planning to retire in 20 years. He can deposit money at 8% compounded quarterly. What deposit must he make at the end of each quarter until he retires so that he can make a withdrawal of $45,000 semiannually over five years after his ret..
Illustrate what price should firm charge to realize targeted profit. Illustrate what would be its (cost-based) mark-up ratio.
The government of Byngia has introduced a new tax on airline travel. Byngia has two types of travelers, business travelers and leisure travelers. Business travelers in Byngia have an elasticity of -1.2, while Byngian leisure travelers have an elastic..
The Taos Pueblo is an ancient American Indian community in New Mexico that admits tourists. The admission fee is $5 per car plus $5 per camera. Give an explanation for this based on price discrimination. Give an explanation for this that is NOT based..
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