{"id":339,"date":"2020-02-19T03:32:14","date_gmt":"2020-02-19T03:32:14","guid":{"rendered":"https:\/\/papersspot.com\/blog\/?p=339"},"modified":"2020-02-19T03:32:32","modified_gmt":"2020-02-19T03:32:32","slug":"exercise-set-c","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2020\/02\/19\/exercise-set-c\/","title":{"rendered":"Exercise Set C"},"content":{"rendered":"<p>Q.1:\u00a0 Economists claim that firms operating under perfectly competitive conditions are highly efficient, especially in the long run.\u00a0 Explain what is meant by &#8220;efficiency&#8221;, what types of efficiency are involved and how is efficiency (or efficiencies) achieved.<\/p>\n<p>&nbsp;<\/p>\n<p>Q.2: Hospitals in Montgomery are profit-maximizing, perfectly competitive firms. Hospitals in Birmingham, on the other hand, are run by nonprofit charities that try to minimize the long-run average cost of treating patients. Hospitals in both cities have the same average and marginal cost.\u00a0 Will the Montgomery hospitals end up been bigger, equal or smaller in size?\u00a0 Explain your answer.<\/p>\n<h5><span style=\"color: #008000;\"><strong>Need an original paper done on this topic?<\/strong><\/span><\/h5>\n<h5><strong><a class=\"btn btn-primary btn-sm\" href=\"https:\/\/papersspot.com\/Order.php\"><span style=\"color: #008000;\">click here to Order<\/span><\/a><\/strong><\/h5>\n<p>&nbsp;<\/p>\n<p>Q.3: Textbook publishers hope to maximize profits. Authors, on the other hand, have different incentives since they are paid royalties. Assume that an author&#8217;s contract specifies royalties of 20% of the revenue from the sale of the text. Thus, if the publisher&#8217;s revenue is $100,000, the author&#8217;s royalties will be $20,000.\u00a0 Who will prefer a higher price for the text, the publisher or the author?\u00a0 Explain in detail. (Hint: Assume a linear demand for the text and use the elasticity concept)<\/p>\n<h5><span style=\"color: #008000;\"><strong>Need an original paper done on this topic?<\/strong><\/span><\/h5>\n<h5><strong><a class=\"btn btn-primary btn-sm\" href=\"https:\/\/papersspot.com\/Order.php\"><span style=\"color: #008000;\">click here to Order<\/span><\/a><\/strong><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Q.1:\u00a0 Economists claim that firms operating under perfectly competitive conditions are highly efficient, especially in the long run.\u00a0 Explain what is meant by &#8220;efficiency&#8221;, what types of efficiency are involved and how is efficiency (or efficiencies) achieved. &nbsp; Q.2: Hospitals in Montgomery are profit-maximizing, perfectly competitive firms. Hospitals in Birmingham, on the other hand, are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-339","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=339"}],"version-history":[{"count":1,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/339\/revisions"}],"predecessor-version":[{"id":340,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/339\/revisions\/340"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}