Assignment #2 – Market Structure: Monopoly and Monopolistic Competition ECO550: Economics for Managers Assignment 2 Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to office maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market in New York are: |QS = 2P - 20
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1. Define explicit and implicit costs. The opportunity cost equal to what a firm give up in order to use factors which in neither in purchases or hires. It’s the opposite of an explicit cost, which is borne directly. 2. Define Normal Profit and explain why it is an implicit cost. The difference between total revenue and total costs (explicit and implicit costs) equals zero, and it is an implicit cost because opportunity cost is considered in it. 3. Define Economic Profit, Short Run and
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missing out on an economic profit of $100. Therefore Amos should start growing Soybeans to maximize his profit. 2. Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market EXPLICIT COST b) A firm’suse of a warehouse that it owns and could rent to another firm IMPLICIT COST c) The wages that owners could earn if they did not work for themselves IMPLICIT COST 3. What are economies of scale? Please give an example
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ASSIGNMENT ON MARKET STRUCTURE IN BANGLADESH Course Title: Managerial Economics, Course Code: 5302 Prepared by Mohammad Shakawat Hossain Matric No.- R132140, Semester- 3rd section- Spring-2014 Submitted to Mr. Monir Ahmed Associate Professor Faculty of business Administration, IIUC Department of business Administration International Islamic University Chittagong Monopolistic Competition: Monopolistic competition, is a type of imperfect competition such that many producers
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ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar
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(1) example in each scenario. Fourth, I will provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve. Finally, I will suggest how, under certain conditions, a perfectly competitive market is economically efficient. Principles of Economics Alcohol Abuse Alcohol abuse is a major problem in today’s society. With a down an economy, there are more and more people turning to alcohol while actually helping
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creams and better way to store and stock ice creams with longer shelf lives. Supply also depends upon the number of suppliers in the market and the unique selling and supply propositions that each of them have. The available substitutes for ice cream are frozen yoghurt, and the complement for ice cream is hot chocolate fudge. The demand for ice creams is perfectly elastic in the short run as even a small change in any one factor leads to a shift in the demand curve. In the long run the demand becomes
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Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages, rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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It was very informative and well versed but a little bit outdated. Innovation and brand mystique can show disparities in pricing policy. The examples and theories were predicated on perfectly competitive industries or markets but even with practical type markets that are as close as it gets to perfectly competitive -like vegetables- there are still oscillating prices due to (inferred) quality. I find the section on artificial monopolies to be intriguing because it is something I would want to be
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Course: - Edexcel HND in Business Module: - Business Environment Assignment Prepared by: Lecturer: Mr Term: Sepember-December2012 Course Start date: September2012 (Birmingham Central Campus) Introduction: This Assignment is about Business Environment and I have to complete the flowing tasks for the purpose of the assignment: Task 1 1. Types of Business Organisations, their purposes: There are three
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