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Monopsony
1. Briefly describe the conditions for monopsony.
2. Show that L (quantity of labor) is lower and PL is higher than in the perfectly competitive labor market.
Monopolistic Competition
1. Explain monopolistic competition. Include in your explanation the characteristics that determine the degree of monopolistic competition.
2. Discuss Khalid's proposed business in terms of a competitive market and in terms of a monopolistic competitive market. Which type of market structure (competitive or monopolistic competitive) might he hope develops? Why? Does that development depend on him? Explain.
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Write the equation for Total Costs and what is TC when profit is maximized - what is Total Revenue when profit is maximized?
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
Explain the difference between accounting profit and economic profit. Include discussion of the distinction between explicit and implicit costs and how they relate to economic cost and opportunity cost.
Calculate the firm's profit-maximizing output level assuming the current price of widgets is $1 . 75 and calculate the equilibrium price/output solution. Explain your answers and show all work.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
How does an increase in the price of widgets affect the: And describe the effects in detail?
Using a prisoner's dilemma game such as the "wedding game." explain how a positional arms race can occur. In your answer be sure to explain positional arms races, the nature of the wedding game, etc.
Given the Production Function: Q = 21X + 9X2 - X3, where Q = Output, and X = Input . At what value of X does Stage II of the production function begin?
Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
Critics of the minimum wage discuss that as an antipoverty device it is "poorly targeted." By this they mean that:
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