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State the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Into which of these market classifications does each of the following most accurately fit?
(a) an e-commerce clothing retailer;
(b) the investment bank industry;
(c) a state-owned oil company;
(d) computer desktop operating system (e.g., Windows); (e) the telecom industry.
In each case, justify your classification.
Consider three households (i = 1, 2, 3) each with preferences ui(xi , G) = xi × G where xi is the consumption level of private goods by household i and G is the level of public good. Private good costs 1 and public good costs 10. Individuals have inc..
Explain why it is important for a firm to know it's efficient scale of production and how a firm determines its efficient scale of production. Explain how a market with no barriers to entry or exit results long run economic profits equaling zero.
Last year, Pat spent $10 a day on miscellaneous things like texting, buying sodas, and eating fast food. If Pat had invested that $3650 in a well diversified
Suppose the marginal social benefits curve for crude oil is MSB = 60 – 0.6Q and the marginal total cost curve is MTC = 20 + 1.4Q, Now suppose that the marginal current cost (MCC) of extraction is given by MCC = 20 + 0.4Q. Illustrate the MSB, MTC, and..
Discuss which economic theories or relationships you have studied up until now (not just in this class – in all your economics classes) that could be estimated using the multiple linear regression model. Explain your rationale. Use the Internet to fi..
Explain how does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalen.
Suppose the Bank of Japan allowed the money supply to grow by 2% each year, whereas the Bank of Korea chose to maintain relatively high money growth of 10% per
How is the market associated with going back to college oligopolistic?
Baby Hughy enjoys chocolate candy. The following table shows the relation between the pounds of bon-bons eaten per month and the total utility derived from bon-
What would happen if a large number of women entered the workforce, and hired others to cook, clean, and care for their children? is this change reflective
When a court interprets the meaning of a statute, what is the responsibility of the court? to determine and carry out the intent of the legislature that enacted the statute, to determine the best social policy for addressing the problem raised by th..
Everything else equal, when the market supply curve shifts inward, consumer surplus. Everything else equal, given an upward sloping supply curve, if the market demand curve were to shift outward, producer surplus
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