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Question 1 a) Describe the characteristics of monopoly. b) What is the marginal cost of a firm operating in a perfectly competitive market if it charges the price of $15 per unit at the profit maximising output of 5000 units per week? c) Consider the situation for a firm, at the profit maximising level of output: price is $50, average total cost (ATC) is $55, and average variable cost (AVC) is $45. Should the firm continue operating in the short run? Explain. d) The diagram below shows demand and cost curves for a firm in a competitive market. Determine the profit maximising level of price, output, total revenue, total cost and total profit for the firm. What is the shut down point for the firm? Question 2 a) Describe the characteristics of monopolistic competition. Compare monopolistic competition with perfect competition in terms of price and output outcomes. b) Can a monopolistically competitive firm earn an economic profit in the long-run? Can a monopoly? Explain. c) What are the barriers to entry and how can a firm benefit from having a barrier to entry. Question 3 The payoff matrix above shows the profit ($mill.) for the two firms, A and B. If both firms make their decisions independently and focus on their self-interest, the dominant strategy equilibrium is that both firms charge ______ price and each makes ________ profit. If both firms focus on joint interest, the optimum strategy equilibrium is that both firms charge ______ price and each makes ________ profit. Question 4 a) Explain who will be the winners and the losers if inflation is lower than anticipated. a) Describe the cyclical and frictional types of unemployment. b) Refer to the following table and calculate • the labour force • the unemployment rate • the participation rate Population 23.0 million Working Age Population 17.8 million Employed 10.9 million Unemployed 0.6 million Question 5 a) Refer to the following table: Year GDP deflator Nominal GDP ($billion) 2010 95.5 1,100 2011 100.0 1,300 2012 102.4 1,400 2013 103.6 1,490 • What is the value of real GDP in 2010? • What is the growth rate between 2010 and 2011? • What is the change in the nominal GDP between 2011 and 2012? b) Do you think that GDP is the accurate measure of economic welfare of a country? Explain. c) What type of products are the most affected by the business cycle? Explain. Question 6 a) What is the cash rate? What is the MP? b) Recommend and describe a policy that the RBA should implement if a country faces the inflation. c) What are the open market operations (OMO) and when would the RBA carry them out? Describe the process and the effect on the AD. Question 7 a) Consider an economy that experience deep recession. Advise the government on fiscal policy it should implement to solve the problem. b) What types of fiscal policies are available to the government to solve the problem of recession/inflation? Describe. c) What is the federal budget? Are there any forces that influence the budget without an implementation of any explicit fiscal policy by the government? Explain.
Recognize three barriers to services, planning, funding, or empowerment in a selected aspect of human services. How does community development help address these barriers?
Recognize the importance of understanding the history of social problems, the policies involved, and reasons for conducting research.
Critically discuss the correct way of charting in a patient's record. Examine the impact of poor documentation in patient care? Give one or two examples.
Determine the importance of understanding the history of social problems, the policies involved, and reasons for conducting research.
Summarize the key issues you believe which led to MDC not functioning to its full potential at SMC and how you would rectify these issues and what are some key risks that are associated with this project and what potential strategies could be utili..
Do you believe Tony should be allowed to carry a gun and keep his job? If yes, why? If not, what options does he have? Justify your responses. How does the Gun Control Act of 1968 apply here?
What is cohesiveness? What impact does cohesiveness have on behavior? Does a group need to be cohesive in order to be successful? Why or why not?
Describe the social and economic issues that commonly motivate immigration to the U.S. from Mexico and other parts of Latin America? Describe some of the problems/concerns faced by Latin American immigrants settling in the United States (for examp..
What is an example of how to use IS PATH WARM for suicide assessment? Does this replace depression assessments, such as the Beck Depression Inventory II?
It seeks to enjoin (prevent) Perlee from working in that restaurant as a chef for one year. Discuss how successful Hotel Lux will be in its action.
Please answer this I need a list of at least five compromises or alternatives to existing solutions for Women's Rights in Workplace with an explanation of compromise or alternative.
The problem with adolescents is that so much of their behavior is impulsive and/or socially-driven. I wonder if they feel the desperation and immediacy of suicide in a way that adults can't understand?
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