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How is the price of a good or service set in a pure competition market? Does the firm selling the product "set the price" based upon their production costs?
Microeconomics, Economics
Question: Need a short discussion board for the subjest below. Assume your good (paper towels) has both a consumer and a business market. How will you market these, based on the different decision processes of each marke ...
Question: Suppose a market with the following production function F(K, L) = (K - 1) 1 4L 1 4 . Consider the wage w = 1 and the capital return r = 4. Suppose in the short run K = 2. a) What is the demand for labor in the ...
Question: Last year, assume that McDonald's had a profit of $1.2 billion, of which $0.8 billion was earned in foreign countries. Toyota had a profit of $2 billion (converted from yen), of which $0.6 billion was earned in ...
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Question: 1. Identify and evaluate consequences of government price supports and subsidies in U.S. farming markets. 2. Do rent ceiling laws for apartments result in an efficient allocation of apartment units? Why or why ...
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Question: A new hydraulic lift will cost $125213. At the end of its 9 years of useful life, the machine can be sold for $39492. The new machine will reduce annual expenses by $21717. The interest rate is 3% compounded an ...
Question: Explain why even though it is widely viewed that export promotion is the best development strategy most countries apply import substitution and export promotion concurrently. The response must be typed, single ...
Question: If the computer disk manufacturers move to countries with lower labor costs, then they will pay their workers lower wages. If computer disk manufacturers move to these countries, what will happen to the equilib ...
Question: Describe your recommendations concerning the issues presented in "Carnival". The issues of the cruise ship Carnival that is facing today, what would your recommendations be? The response must be typed, single s ...
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