Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help answering these questions. a. Make up a company that has a product in that market and explain the features of that product and

need help answering these questions.

a. Make up a company that has a product in that market and explain the features of that product and why it is profitable.

b. Draw the market diagram for that company.

c. Show that company earning profits.

d. Explain why that company's profits will only be temporary.

e. Explain how that company might regain its profits.

f. Explain why economists believe this market structure is inefficient.

g. What would happen if once your company was profitable, the government taxed 80 percent of your profits away (the government took your profits).

  1. h. What would happen if the cost of your labor goes up since labor is short and competing companies are bidding up the price of labor?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Techniques In Business And Economics

Authors: Douglas Lind, William Marchal, Samuel Wathen

14th Edition

0077309421, 978-0077309428

More Books

Students also viewed these Economics questions

Question

Prove that holds

Answered: 1 week ago