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- SPRING 四 pa 70° Question 5 of 50 Which of the following questionis: might be asked by an economist who is using critical thinking to solve a problem2 O How could Social Security and Medicare better use their resources to expand benefits? O Which principles of a command economy have the most negative effects on competition? O How might a hurricane in Florida affect the prices of crops grown in the state? O AIl of these choices are correct. Back NextTrue/False The market in which there are many sallers and buyers is called perfectly competitive market.6. Write short notes on Mercantilism Absolute Cost advantage theory Leontief Paradox Contract Marketing
- Q1. ĮThe graphs of the perfectly competitive market for eggs and an egg producer are the given below. The initial case (Case A) is given as Sf and Db. Solve the questions using the graphs. MC Se ATC AVC Pst P4 P3 P1 Pot a bcd ef Case: Medical doctors announced that egg is good for the human body (compared to Case A) Supply curve in the short run: . Demand curve in the short run: In the short run, is there loss or profit for the firm? : In the short run, does the firm operates or not? : In the short run, TR = In the long run, Supply curve: Demand curve: Explanation:The figures below show (on the left) two possible demand curves and (on the right) two possible supply curves in the perfectly competitive hamburger market. Price per hamburger 0 A B D₂ D₁ Hamburgers per month Price per hamburger 0 Select one: a. Movement along D₁ from Point A to Point B. b. Demand shifts from D₁ to D₂. F c. Movement along S₁ from Point F to Point G. d. Demand shifts from D₂ to D₁. G Hamburgers per month Assume that people consume either hamburgers or hot dogs. What will be the result of a decrease in the price of hot dogs? Hint: Are hamburgers and hotdogs complements or substitutes? S₂ S₁Solve all this question......you will not solve all questions then I will give you down?? upvote....
- The following graph illustrates the market for small moving trucks in Eugene, OR, during Oregon's fall move-in week. PRICE (Dollars per small truck) 100 Demand 90 Supply 80 70 28 80 50 40 30 20 10 0 0 1 2 3 4 5 8 9 10 QUANTITY (Hundreds of small trucks) Suppose that Zoomba is one of over a dozen competitive firms in the Eugene area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is Fill in the price and the total, marginal, and average revenue Zoomba eams when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity (Trucks) Price Total Revenue (Dollars per truck) (Dollars) 0 1 2 3 Marginal Revenue (Dollars) Average Revenue (Dollars per truck) 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply. Supply curve Average revenue curve Marginal cost curve Marginal revenue curveGood Afternoon I asked this question to your colleague but he didn't explain what his diagram means like what is E what is SS what is D and DD'. Can you please either solve the question or explain what his diagram means. Tell me what all the terms of the diagram mean. Thank you1. when a firm has no ability to influence market prices it is said to be in what kind of a market? 2. using the power of your observation, identify what you consider as business firms or industry in your place which behaves as perfectly competitive market. Describe the nature of the firm or industry and explain why you consider them as perfectly competitive markets? 3. in a competitive market, how will the actions of any single buyer or seller impact the market price?
- Define economic efficiency in terms of production costs and product prices. Okay by are purely competitive industries economically and efficient and monopoly industries are not efficient?Which of the following would be the closest to a perfectly competitive market? O Soda Smartphones Wheat O JeansQuestion 4 Many companies reward their managers based on profits so that the managers will make decisions to maximize profits. However, some companies are paying their managers based on sales or revenue, instead of profits, so their managers will make decisions to maximize revenue. For example, at Reebok, the former CEO Paul Fireman received a nickel for every pair of shoes sold. a. Suppose that there are two existing firms in the market competing in quantity. Ignore market uncertainty and long-run competition. Firm B's manager is always paid based on firm B's profits. Firm A has been paying its manager based on profits but now changes to pay the manager solely based on revenue. Each manager chooses the production level (quantity) for his firm simultaneously. Is it possible for the above change in firm A's compensation system to increase firm A's profits? What are the direct effects and strategic effects on firm A's profit? Explain. Direct Effect (Circle one): Positive Negative…
