Competitive theory of prices
There is a short period perfectly competitive theory of prices although not a long period perfectly competitive theory of prices. Is this because the reason that in the long period we are dead? Discuss it out.
Question: a) Johnny consumes peanuts (x1) and a composite good (x2). His utility function is U = x1x2. His marginal utilities are MU1 = x<
Immobility of the labor is significant economically as: (1) Most of the people like to move, however cannot. (2) People in high salary occupations won't be completely compensated for the costs and difficulties related with their occupations. (3) It we
When a price hike for regular gas from $2.00 to $2.20 reduces quantity demanded from 20 million gallons to 19 million gallons daily, and an raise in the price of premium gas from $3.00 to $3.20 decreases its quantity demanded daily from 20 million gal
You daily buy author-published books of poetry that are relatively inelastically supplied within the long run. Then government imposes a tax upon books of poetry. Then tax is probable to be borne primarily through: (1) retail book stores. (2) consumer
Setting a minimum price floor above the equilibrium price will: (w) raise the equilibrium price. (x) create excess demand at the minimum price. (y) create excess supply at the minimum price. (z) clear the market at the minimum price.<
Industries which would be classified as oligopolistic comprise: (w) public utilities. (x) postal service. (y) breakfast cereal. (z) retailing. Hello guys I want your advice. Please recommend some views for above
Objectives: This assessment item relates to the course learning outcomes 1, 2 and 3 as listed in Part A. Question 1 (22 marks) (a) Consider the market represented by the schedule in the table below. (5 marks) Price Quantity demanded Quantity
When average income rises from $18,000 to $22,000 yearly and yearly gasoline consumption per household increases from 1000 to 1500 gallons, in that case the income elasticity of demand for gas is: (1) in the inferior range. (2) 0.5. (
Fakery is a pretentious start-up firm within the monopolistically-competitive costume jewellery industry. But Fakery is most probable to try to gain control over pricing whereas limiting its production by a strategy of: (1) lobbying C
Liz admitted a pay cut in May and consequently start cooking at home more and dining out less frequently. Her adjustments provide illustrations of the: (i) Substitution effect. (ii) Income elasticity of the demands for various goods. (iii) Law of diminishing marginal
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