Economics

Solution Library

Calculating Saving Rate of a Country using Harrod Domar Equation Macroeconomics Microeconomics

How To Restrict A Monopoly

QuestionIn a recent conversation a policy maker argued that since DEWA is monopolist, they are charging higher price and lower output is produced. He further mentioned that government should split the entire unit into small pieces so that competition can drive down prices. Do you agree with this sta ... Read More

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Profit Level Calculation With Pay-off Matrix

Question Consider the following pay-off matrix (Numbers in the matrix reflect their respective profit levels) for two gas stations.   Gas station A Gas Station B High price Low price High price 200,000 AED; 200, 000 AED 50,000 AED; 400,000 A ... Read More

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Earning High Profit In Monopolistic Competition

QuestionA cosmetic firm operating in a monopolistically competitive market environment spends a lot of money in advertisement and ends up with super-normal profit even in long run. Is it possible? Explain your answer in few words. SummaryThe question belongs to Economics, Micro-economics and it dis ... Read More

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Harvard Case Study Review: Cumberland Metal Industries: Engineered Products Division, 1980

QuestionCase Study Analysis: Cumberland Metal Industries: Engineered Products Division, 1980. Harvard Business School Case Study No. 9-580-104 by Benson P. Shapiro and Jeffery J. Sherman.Investigate the concept of “value” pricing and compare it to cost-based approaches to price determina ... Read More

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Essay On Elasticity And Price Being Inherently Associated

QuestionWrite an essay with a minimum of 1500 to a maximum of 2000 words on the concept of "elasticity" which is inherently associated with the issue of "price" with examples. SummaryThe question belongs to Economics, Microeconomics and it is about writing an essay discussing the concept of el ... Read More

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When Is Marginal Product Equal To Average Product

Question1. If it takes a week to obtain a vendor's license and buy a pushcart, then a week would be the long run for the hot dog stand industry.A) TrueB) False2. In general, marginal product equals average product at:A) maximum marginal product.B) minimum marginal product.C) minimum average product ... Read More

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What Are The Costs That Have Been Incurred And Cannot Be Recovered

Question1. _____ are costs that have already been incurred and cannot be recovered.A) Total costsB) Implicit costsC) Explicit costsD) Sunk costs2. The demand curve for the individual firm in the short run is:A) downward sloping.B) upward sloping.C) horizontal.D) vertical. SummaryThese multiple choi ... Read More

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Increase In Sales In The Short Run And Firms Enjoying Economic Profits

Question1. In the long run, if firms make a normal profit, then new entrants would be encouraged to move into the industry.A) TrueB) False2. If Big Time Utilities wins a patent for a nuclear mini-power plant that enables it to become the monopoly provider of small generators, the resulting industria ... Read More

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Barriers For Entering Into An Industry And Increase In Manufacturing To Lower Costs

Question1. A bicycle factory finds that it can lower costs if it also produces tricycles and unicycles. This is an example of:A) Opportunity cost.B) Comparative advantage.C) Economies of scale.D) Economies of scope.2. All of the following are considered barriers to entry except:A) Patents.B) Governm ... Read More

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Production Of Competitive Firm In The Long Run And Encountering Negative Returns

Question1. Negative returns are encountered when:A) Average product is negative.B) Total product is negative.C) Output falls as a firm hires more workers.D) Marginal product is positive.2. In the long run, the competitive firm always produces at the:A) minimum of the long run marginal cost curve.B) ... Read More

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Upward Sloping Marginal Cost Curve And Diminishing Returns In The Short Run

Question1. The marginal cost curve is assumed to have an upward slope because of:A) AFC sloping downward.B) the law of diminishing returns.C) economies of scale.D) ATC increasing as more units are produced.2. According to the following table, diminishing returns occur after hiring which worker?Produ ... Read More

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Difference Between Single Price Monopolist And Price Discriminating Monopolist

Question1. In perfect price discrimination, a monopolist:A) charges each customer the minimum price he or she is willing to pay.B) charges different customers different prices depending on the quantities they purchase.C) charges different groups of people different prices.D) obtains all the consumer ... Read More

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