Pure Competition ANSWERS TO END-OF-CHAPTER QUESTIONS 21-1 Briefly state the basic characteristics of pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. Pure competition:
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Economics for Managers by Paul Farnham y Chapter 5: Production and Cost Analysis in the Short Run © 2005 Prentice Hall‚ Inc. 5.1 Defining the Production Function P d ti F ti The formula can be read as “quantity of quantity output is a function of the inputs listed inside the parentheses” Q = f (L‚ K‚ M…) where Q = quantity of output L = quantity of labor input K = quantity of capital input y M = quantity of materials input © 2005 Prentice Hall‚ Inc. 5.2 Fixed
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decision making‚ provide an example and compare and explain the marginal benefits and cost associated with the decision. I will also explain the decision that led me to make a different decision. Principles of Decision Making As individuals we are faced with making decisions that we sometimes have to compromise in difficult situations. Choosing a situation that you are not sure that is best for you is when maximizing and optimizing takes place. To decide what is best for the individual‚ one must look
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BUSINESS ECONOMICS COURSEWORK 2 ADBM Answer 1(a) Demand and supply curves are graphical representations of the relationships between price and quantity. When we know the relationship we can easily find the relationship by easy algebra. General equation a linear (straight-line) demand curve is P = a -bQD Placing the price on the Y axis and the quantity demanded on the X axis. a=Y intercept; -b=slope Clearly‚ a must be positive‚ and the minus sign on b indicates that quantity demanded
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insurance claims‚ drivers 81 years old and over have 2.5 times more at-fault claims (Globe & Mail A12). Currently 26 states put special conditions or requirements on older drivers‚ such as more frequent license renewals or requiring that renewals take place in person‚ allowing for various tests to judge the driver’s abilities. Some ask for other restrictions‚ such as no night driving or driving only within a restricted area or on specific routes. More of the United
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INTRODUCTION What affect does losing a spouse have on elderly individuals? Often grief goes unnoticed in our elderly populations‚ especially when they must leave their home and are placed in an assisted living facility Conlon and Aldredge (2013). Bereavement/grief is one of the most painful and stressful life events that threatens healthy aging in elderly people (Mercan‚ Barlin‚ & Cebeci‚ (2016) & Conlon and Aldredge‚ (2013). The impact of losing a spouse can lead to physical and mental challenges
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Overall Classification Anytime a company develops a new product or service‚ it needs to be aware that the product and/or service will not last forever. This is important to recognize in the early stages of development so that a firm can maximize their profits during the product’s life cycle. Albeit‚ no company can accurately predict the duration of a product or service‚ any product/service progresses through four distinct phases. Each phase is associated with different costs‚ profits and risks.
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or longer. C) in the short run‚ one or more inputs is fixed. D) in the long run‚ only one variable can be fixed. 2. At the level of output where marginal cost equals average variable cost: A) average total cost is decreasing. B) average variable cost is decreasing. C) marginal cost equals average total cost. D) marginal cost is decreasing. Use the following to answer question 3: 3. Refer to the above table. The total cost of five units of output will be:
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1994‚ the average variable cost is equal to marginal cost for a typical producer in the industry. Assume all producers are in the situation of constant returns‚ so that the cost function must be linear. From the case‚ average variable cost is equal to total electricity cost plus total Alumina cost plus other raw materials plus consumables plus freight which in total sums up to $925. With constant returns‚ the average variable cost is equal to marginal cost which is $925. If the smelter is rational
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elderly once they reached a point in their lives when they needed additional assistance and care and became unable to care for themselves. Facilities were used mainly for elderly people‚ those who were mentally ill‚ or those who were poor and had no place to go. Today long-term care facilities are used for individuals of any age‚ in any financial class who need professional help in performing their ADLs (activities of daily living) for a longer length of time than a hospital is able to provide. Many
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