Which of the following is not a characteristic of a perfectly competitive market? a) Many buyers and sellers b) Homogeneous products c) Barriers to entry d) Perfect information
Q: 5. Competition Maria's lawn mowing service is a profit-maximizing, competitive firm. Maria mows…
A: A profit-maximizing competitive firm operates within a market structure characterized by numerous…
Q: Suppose the price of a pound of quinoa in 1960 was $2, and in 2010, was $6.The CPI in 1960 was 100,…
A: The objective of the question is to find out the price of quinoa in 2010, but measured in 1960 price…
Q: onsider a market of 6 firms that compete through production. Demand is given as P = 220 – 2Q. Each…
A: An oligopoly is a marketplace structure characterized by a small number of large firms dominating…
Q: Consider the case where the price of a good falls. The compensating variation equals the maximum…
A: Let's delve into the details:Budget Constraint: This constraint signifies the various combinations…
Q: "Explore the economic consequences of remote work trends accelerated by the COVID-19 pandemic.…
A: The issue is to investigate the financial outcomes of the sped up pattern towards remote work…
Q: can you please explain this a bit more? I am having difficulty following your math.
A: A production function in economics is a mathematical equation that describes the relationship…
Q: What are the equilibrium values of the real interest rate, the real exchange rate, consump- tion,…
A: The real interest rate is the rate of interest an investor receives after allowing for inflation. It…
Q: Use the table below to answer the following questions. Expenditure $B Consumption 1440 Investment…
A: Aggregate expenditure is the sum of consumption, investment, government expenditure and net exports.…
Q: Which of the following items do NOT correctly describe an aspect of mercantilism and trade…
A: The objective of the question is to identify the two statements that do not accurately describe…
Q: Price $12 G5 D1 299 D2 S1 S2 19 14 $10 8 $8 11 $6 13 $4 16 $2 18 25622 12 17 15 15 18 13 21 11 2986…
A: Market equilibrium refers to a scenario at which the quantity demanded is equal to the quantity…
Q: None
A: Demand Curve: The demand curve shows the relationship between the price a firm can charge and the…
Q: In the year 2020, aggregate demand and aggregate supply in the fictional country of Bartak are…
A: A Phillips curve represents the inverse relation that exists between the unemployment rate and the…
Q: Average Cost The total daily cost (in dollars) of producing a mountain bikes is given by C(x)…
A: The total daily cost is :
Q: I need all four parts answered and explained. Thank you.
A: 1. Draw an isocost line for this firm, showing combinations of machines and labor that cost $100 and…
Q: Economically efficient outcomes: hold the possibility of making everyone better off. will make…
A: "Efficiency in economics" is the concept of utilizing no more resources than necessary for the…
Q: 7. Changes in the currency ratio Recall the formula for the money supply multiplier: Money Supply…
A: Money Supply Multiplier: The money supply multiplier refers to the factor by which an initial…
Q: Vipsana's Gyros House sells gyros. She incurs a fixed cost of $120 per day. Vipsana pays $60 per day…
A: Total cost is the cost of producing all the units of good. Total cost is the sum of fixed and…
Q: market demand
A: Market demand for a table is a tabular illustration of the portions of a selected appropriate or…
Q: Read the following situation and then answer the questions. You live on the world's most isolated…
A: The barter system is a method of trading where goods and services are traded directly. The is no…
Q: 7. Lump-Sum Tax The city government is considering two tax proposals: • A lump-sum tax of $300 on…
A: Average total cost is the average expense per unit of output produced by a company. It considers all…
Q: For a firm in a perfectly competitive industry, the demand curve for its own product is A downward…
A: A perfectly competitive market is one where a large number of firms operates. All the firms in the…
Q: During the Middle-Ages, the African city of Taghaza (located in modern day Mali and known as one of…
A: Elasticity of demand measures how responsive people are to price changes for a particular good. In…
Q: Consider a country with no capital mobility and flexible exchange rates. a. Solve for the exchange…
A: In a nation lacking capital mobility and embracing flexible exchange rates, barriers hinder capital…
Q: In a perfectly competitive market, firms that remain in the market in the long run produce at the…
A: Market structures is essential to analyzing how businesses interact and compete in an economy. It…
Q: New answer asaa
A: Demand refers to the quantity of goods or services that a consumer is willing and able to buy at a…
Q: Suppose that the supply curve of serving in the military is S(P) = P, where Q = S(P) is number of…
A: Social cost refers to the total cost that the society experiences as a direct result of any economic…
Q: Assume that the individual's utility function is given as: U(C,C,) = 2C³C,³ The interest rate is 10%…
A: Ricardian economics proposes that shifts in government borrowing and taxation have minimal influence…
Q: If you want to emphasize or provide support for an idea, which transition should you avoid?…
A: The objective of the question is to identify which transition word or phrase is not suitable when…
Q: Problem 10-17 (algo) At a time when demand for ready-to-eat cereal was stagnant, a spokesperson for…
A: The condition states that if both companies advertise, then they both earn $0 billion. If neither…
Q: A firm has fixed cost of $90.00 and variable costs as indicated in the table below. Complete the…
A: Fixed Costs- Fixed costs are expenses that do not change with the level of production or sales.…
Q: Digital Tech Dynamics purchased a new quality inspection system for $550,000. The estimated salvage…
A: The minimum trade-in value refers to the amount that the employer would want to obtain for the…
Q: Midize Flower Company provides flowers and other nursery products for decorative purposes in medium…
A: The internal rate of return is 20%Explanation: Excel formula:
Q: Using graphical analysis show how the following demand curves can be derived from indifference curve…
A: The Marshallian demand curve and the Hicksian demand curve are both derived from the indifference…
Q: New anwer pls don't old
A: Equilibrium point achieved at the intersection point of the demand and supply curves. The price…
Q: Gube asap urgent request
A: Economic growth means the creation of new products and the increased consumption of them by the…
Q: 9. Use the accompanying table to calculate the output gap for each year. Year 2014 2015 2016…
A: Real GDP (Gross Domestic Product): Real GDP refers to the total value of all final goods and…
Q: 11. Study Questions and Problems #11 Suppose that the U.S. economy is experiencing a bout of…
A: The price control means that the price level will remain fixed. Only the real GDP will change based…
Q: Which of the following statements is INCORRECT about the consumer price index? Question 5Answer a.…
A: The objective of the question is to identify the incorrect statement about the Consumer Price Index…
Q: Consider an economy with two consumers A and B and two goods 1 and 2. The utilities of the consumers…
A: A pure exchange model is a two-good-two-consumer model. In the model, there is no production process…
Q: "Examine the economic impact of a country implementing a universal basic income (UBI). Discuss how a…
A: The issue is to survey the possible financial effect of a nation carrying out a widespread essential…
Q: Suppose the price of a pound of quinoa in 1960 was $2, and in 2010, was $6.The CPI in 1960 was 100,…
A: The objective of the question is to find out the price of quinoa in 2010 measured in 1960 price…
Q: Whether good or negative foreign direct investment (FDI) and economic development has grown. Analyse…
A: Below are the detailed discussion on the foreign direct investment (FDI) and economic development…
Q: For each of the two years, enter the translated earnings for the German subsidiary (in dollars) in…
A: Earnings from a local subsidiary are converted to the parent company's currency using an average…
Q: Question-3 (Cost Curves) The cost function of a firm is c(y) = 3y² + 6y+5. 1. Find the Average…
A: a) MC(y) = 6y + 6, AVC(y) = 3y + 6 b) quantity is zero at which average variable cost is…
Q: 3. A firm has fixed cost of $90.00 and variable costs as indicated in the table below. Complete the…
A: Costs refers to the expenses that incur in the process of production of goods or services. There are…
Q: MARR = 16% per year, and the alternatives are mutually exclusive. You are supposed to select:…
A: The rate of return (ROR) bills the person as much as the amount of profit or loss that accompany a…
Q: Calculate the effective rate of 9 months at 2.44%, then 51 months at 3.13%?
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Explain more detail with example and with citation in Harvard style for critically evaluate main…
A: Corporate entrepreneurship is the process by which established organizations behave like startups,…
Q: n an effort to make sales projections, M/s K, B and A, the three B-school executives of Vengaboys…
A: Marginal propensity to consumer measures the magnitude of change in consumption due to the change…
Q: In the Solow growth model, if all countries have the same technology, population growth,savings…
A: It is an exogenous model of economic growth. This model assumes that the production function…
Step by step
Solved in 4 steps
- Please answer all 1. Coldwater Bicycle Company operates its factories at capacity and holds a dominant market position in its home country. When it receives a premium priced order from a new customer in another country, it must decide whether to fill that order or continue to supply the full demand in its home market. When it decided not to completely fill the new order, it incurred Group of answer choices a. Sunk costs b. Average costs c. Opportunity costs d. Marginal costs 2. What might happen if a car dealership is awarded a bonus by the manufacturer for selling a certain number of its cars monthly, but the dealership is just short of that quota near the end of the month? Group of answer choices a. Potential buyers will lose buying power at the dealer b. It may sell the remaining cars at huge discounts to hit the quota c. It creates an incentive to sell cars from different manufacturers d. It would ruin the relationship between dealer and manufacturer…How to identify the differentiation factor from our competitors.Short-run supply and long-run equilibrium Consiber the competitive market for rhodium. Assume that no matter how many firms operate in the induatry, every firm is identical and faces the same marpinal cost (MC), averapt total cost (ATC), and average variable cost (AVC ) curves plotted in the following praph. The following graph plots the market demand curve for thodium. If there were 10 firms in this market, the short-run equilibrium price of rhodium would be per pound. At that price, firms in this industry would. Therefore, in the long run, firms would the rhodium market. Because you know that competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be per pound. From the graph, you can see that this means there will be firms operating in the rhodium industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. True False
- a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-run abnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’s payoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?Explain what is Perfect Competition with example and list 3 features of PerfectCompetition market?multiple choice Assume that the tuna fishing industry is perfectly competitive. Which of the following best characterizes the industry if, as demand for tuna increases, fishing boats have to go farther into the ocean to harvest tuna? 1- a constant-cost industry 2- a fixed-cost industry 3- a decreasing-cost industry 4- an increasing-cost industry
- The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Assume that MQ Motors currently chooses to operate at Point E. Which statement correctly describes the market of MQ2020? 10,000 Price, marginal cost ($) A P = $5,440 Po B 0 0 E 10 20 Q" = 32 D Qo Quantity of cars, Q Select one: a. Producer surplus is $63,360 as it equals MQ Motors' profits. Marginal cost Isoprofit curve: $150,000 Isoprofit curve: $63,360 Demand curve 120 O b. The amount of consumer surplus is the area ADP o. c. The amount of total surplus is the area ABD. Od. All possible gains from trade are being achieved as MQ Motors operates at its profit-maximising output and price. O e. The amount of MQ Motors' producer surplus is the area BCEP*.a. John operates a firm producing t shirts. There are many such firms producingidentical products to John. What market structure is this? Is it possible for John tomake a profit in the long run? Illustrate using an appropriate diagram. b. John decides to innovate his business and begins printing t shirts with customercreated content. Will John be able to make a profit in the short run and the longrun? Explain using relevant diagrams and comment on the implied market c. Provide a strategy for John to make greater than normal profits in the long run. Isthis likely to be the case in the market for this good?Which of the following is not necessarily a characteristic of perfect competition? low pricesa large number of buyers and sellersa homogeneous productperfect information
- If a market has few barriers to entry and manyfirms, how might firms still have positive economic profit? Describe a strategy a firm in thistype of market might use to maintain economicprofitsTrue/False Perfect competitive market situation is almost impossible in real life.Biwei decides to set up a small business in NYC. The start-up cost is $1000 for a license and theestimated direct cost is $4 per output. - What would be the market competition effect of Sonia’s entry on Biwei’s business? Would itreduce Biwei’s cost? Would it reduce Biwei’s revenue? Would it reduce Biwei’s profit? Explain.