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Carefully describe what will happen as we move from the short run to long run equilibrium in monopolistically competitive industry if firms are making a positive profit in short run.
Say there is natural disaster which wipes out all of tomato plantation of one country. so there is drastic rise in price say from $6 to $15 a kilo.
What long run adjustments would you expect? And what does your anticipated adjustment process imply about the concentration ratio for the industry?
Illustrate out the term non-price competition? Why would any seller use this form of competition? Is the use of this form of competition costless to the user?
Illustrate out the term voluntary export restraint (VER) agreements? Why do some governments force foreign exporters into them instead of just using quotas or tariffs to restrict imports by the same
Assume a firm is operating at minimum point of its short-run average total cost curve, so that marginal cost equals average total cost. Under what circumstances would it select to change the size o
An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense
The Theory of the Firm document, the Friedman article, argue that the main goal of a firm in a market economy is to maximize profit (shareholder wealth) over the long term.
Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Examine the impact on Japan's terms of trade of the following events:
Compute GB's profit maximizing price/output combination and economicprofit before the installation of the OSHA mandated equipmt. Compute the same after the osha guidelines have been met.
The Green Show Company is considering going to piece rate system, where manufacturing employees are paid based upon their level of output.
What is needed for a market to be considered monopolistically competitive? How does the equilibrium in a monopolistically competitive market resemble that in a perfectly competitive market?
A monopolist's marginal revenue curve crosses its marginal cost curve a 20 per unit and one million units. the price that consumers are willing to pay is 30 per unit.
Woodland Instruments, Inc. operates in highly competitive electronics industry. Prices for its R2-D2 control switches are constant at $100 each.
Employ the concepts of economies and diseconomies of scale to explain the shape the firms long- run ATC curve. What is the concept of minimum efficient scale?
Discuss the company's labor productivity, if the retail price for each respective service is $50, $200, and $120? Illustrate out the multifactor productivity, if the crew consisted of two of each type
Suppose a Monopoly market type and further suppose cost function = C (q) = 2Q and Demand function of P (q) = 10 - 24Q determine profit maximizing price and output.
What if firm employs 10 workers and pays each $15 per hour. Further suppose that the MP of the 10th worker is 5 units of output and that the price of the output is $4.
Critically discuss the economic implications of a movement along a nation's offer curve. Also explain why the offer curve is backward bending or forward bending.
How can the extent to which the presence of economies and diseconomies of scale in industry help account for the size and the number of firms in that industry?
The purpose of economics is to allocate scarce resources in manner that maximizes society's happiness and to their highest valued use. Do you agree?
Having difficult time in understanding subject of AVC relating decisions of output. Here is the type of question that is giving me difficulty. Please provide some insight.
Over the last 30 years Organization of Petroleum Exporting Countries (OPEC) has had varied success in forming and maintaining its cartel agreements. Discuss how the following factors may contribute
The major difference is that economic profit factors in implicit costs (sometimes called opportunity costs). Just what do we mean by opportunity costs anyway?
Discuss the nature of this functions scale of economies. Over what range of output does economies of scale exist? Diseconomies of scale? Show this on the graph.