supply of land to be various amounts either greater or smaller‚ and then discover what the competitively determinedprice would be‚ we can trace out the demand schedule for American land. Assume that this demand schedule is DD and that from this a marginal revenue schedule‚ MR‚ has been derived. Both schedules are shown in Figure I. Let the total amount of land in existence be OQ. Then‚ if the price were competitively determined‚the price would be OB (see Figure I). We now have to determine the price
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businesses often react to marginal revenue of varying levels. The definition of Marginal revenue is the extra revenue that will be made when one additional unit of any given product is sold. The sum of sales or a pre-determined quantity of a particular product is called total revenue. “Marginal revenue tells a firm how much additional money selling each additional product will gross; total revenue tells a firm how much they will make by selling any given quantity. Marginal cost is the cost a firm
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Reading a mosque can be tricky at times‚ although they are similar to churches and synagogues‚ they have some major differences in design that have special purposes or meanings. Mosques are extremely important places in Islam‚ not only are they places of worship‚ but they are also places where the community will congregate and mingle‚ so it must be taken care of and must have a good appearance. Many mosques are different due to the different cultures and heritages‚ but they all have certain characteristics
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amount of output to produce by finding the quantity at which marginal revenue equals marginal cost. It finds the price to charge by finding the point on the demand curve that corresponds to that quantity. 3. A monopolist produces a quantity of output that is less than the quantity of output that maximizes total surplus because it produces the quantity at which marginal cost equals marginal revenue rather than the quantity at which marginal cost equals price. This lower production level leads to a deadweight
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identical in reasoning. The higher the price (i.e. the cost of bearing and rearing the child) the lower the quantity demanded (i.e. the number of children birthed/desired). The cost can be perceived or actual. The other assumption is there is diminishing marginal returns setting in i.e. as the costs of bearing and rearing multiply by the number of children‚ or as the
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function for a product sold by an oligopolist is given below: QD = 370 – P The firm’s marginal cost function is given below: MC = 10 + 4Q Calculate the equilibrium price and quantity. Solution: P = 370 – Q so TR = 370Q – Q2 and MR = 370 – 2Q MR = 370 – 2Q = 10 + 4Q = MC so Q = 60 and P = 310 2. The demand function for a product sold by an oligopolist is given below: QD = 135 – 0.5P The firm’s marginal cost function is given below: MC = 30 + 4Q Calculate the equilibrium price and quantity
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Convention Venue Management Evaluation of the Hong Kong Convention and Exhibition Center Introduction Hong Kong‚ which has a good geographical location‚ a well-developed infrastructure system‚ and adequate supply of hotel rooms‚ is a good place for developing convention and exhibition market. Hong Kong Convention and Exhibition Center (HKCEC) was established in 1988 after which Hong Kong exhibition industry experienced rapid growth leading Hong Kong to establish its position as Asia’s trade
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per unit in arriving at the firms selling price of $ 7.15 (plus shipping). In May‚ LP received an inquiry from Southeast Department Stores concerning the possible purchase of folding chairs for delivery in August. Southeast indicated that they would place an order for 30‚000 chairs if the price did not exceed $ 5.50 each (plus shipping). The chairs could be produced during the slow period using the firms
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Chapter 21 A Macroeconomic Model of Monopolistic Competition: The Dixit-Stiglitz Model The RBC view of the macroeconomy is premised on perfect competition in all three macro markets (goods markets‚ labor markets‚ and financial markets). For the seminal issue of the degree of (goods) price stickiness‚ it is goods markets on which we need to focus‚ so we limit our attention to goods markets from here on. In perfect competition‚ there is a sense in which no supplier makes any purposeful‚ meaningful
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Speaking Recent Actual Tests_ From http://ielts9.webs.com/ Ielts Speaking Model: An Advertisment Part 2 Describe an advertisement that you think is successful. You should say: what is advertised what the advertisement contains what kinds of people would be (or‚ are) interested in this advertisement and explain why you think this advertisement works well. McDonald’s is a world famous restaurant and their advertisements are part of that reason. Recently‚ on the television‚ I saw an advertisement
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