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Economics of Enterprise
Suppose a firm produces 15 units per month and has a total variable cost of R5000 per month. If it's average fixed cots are R350 per month, what are its total costs per month?
Economics of Enterprise
In order to maximize the Total Revenue, should the bookstore increase the price for fiction books? Explain why.
Economics of Enterprise
In 2010, a major oil leak from an oil rig affected many people living around the Gulf of Mexico. What type of market failure did they experience?
Economics of Enterprise
Q1: Anna’s income increases and as a result, she buys more pizzas. Is pizza an inferior or a normal good? What happens to Anna’s demand curve for pizza?
Q2 : Explain how absolute advantage and comparative advantage differ.
Q2 : Explain how absolute advantage and comparative advantage differ.
Economics of Enterprise
Coca-Cola Company introduced New Coke largely because of Pepsi’s success in taste tests head to head with Coke Classic. Consider the following hypothetical information: (1) In blind taste tests, 58 percent of subjects preferred Pepsi to Coke Classic; (2) in similar tests, 58 percent of subjects preferred the taste of New Coke to
Pepsi. From these findings, what can Coca-Cola’s management conclude about consumers’ preferences between Coke Classic and New Coke
Economics of Enterprise
Buyers are willing to purchase original paintings for $1000, and indistinguishable first-copies for $200. Sellers are willing to sell original paintings for $900 and first-copies for $150. Buyers believe that 50% of the paintings in the market are first copies.
Buyers cannot distinguish between original paintings and first-copies, but sellers know with absolute certainty whether the art that they own is an original or a first copy.
Only first-copies are sold in the market because of which of the following reasons?
Buyers cannot distinguish between original paintings and first-copies, but sellers know with absolute certainty whether the art that they own is an original or a first copy.
Only first-copies are sold in the market because of which of the following reasons?
Economics of Enterprise
4.1 Assume the aggregate demand of an economy is arising at 3%,but its productive capacity is only rising at 2%. Discuss the type of inflation this would lead to. Use diagram to motivate your answer.
4.2 explain how fiscal policy can be implemented if an economy is in the downswing of a business cycle.
4.2 explain how fiscal policy can be implemented if an economy is in the downswing of a business cycle.
Economics of Enterprise
2.1 Explain the kinked demand curve theory of an oligopoly. Include in your answer a discussion of a contemporary oligopoly.
2.2 discuss and motivate whether the following market structures can engage in price discrimination.
2.2.1 perfect competition
2.2.2 Monopoly
2.2 discuss and motivate whether the following market structures can engage in price discrimination.
2.2.1 perfect competition
2.2.2 Monopoly
Economics of Enterprise
-Oil is considered to be a non-renewable energy source. Oil is:
a. An unlimited resource.
b. A scarce resource.
c. Not a productive resource.
d. A resource with no opportunity cost.
- Economists are particularly good at understanding that people respond to
a.Laws.
b.Incentives.
c.Punishments more than rewards.
d.Rewards more than punishments.
a. An unlimited resource.
b. A scarce resource.
c. Not a productive resource.
d. A resource with no opportunity cost.
- Economists are particularly good at understanding that people respond to
a.Laws.
b.Incentives.
c.Punishments more than rewards.
d.Rewards more than punishments.
Economics of Enterprise
Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of money for each of the following activities:
a) Joe pays $8 for buying a coffee at Starbucks.
b) Joe earns $50 per hour working as an accountant to Deloitte.
a) Joe pays $8 for buying a coffee at Starbucks.
b) Joe earns $50 per hour working as an accountant to Deloitte.
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