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1. Compared between monopoly and perfect competitive market, there is no deadweight loss in the latter one, so the market is claimed to be the most (static) efficient. What is deadweight loss? Why the standard theory says it is bad to society? Now, DWL emerges in monopoly as we must assume both markets have identical MC and Demand curves. Why we need to assume that and why this assumption might be invalid?
2. Conventional textbook championed perfect competitive market as it produces highest static efficiency. However, some economists argue that markets especially in the long run rather require dynamic efficiency. What is the static efficiency in perfect competitive market? How it differs from dynamic efficiency? Why perfect competition is less likely to innovate?
Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run.
you are considering auctioning a leonardo da vinci original sketch. you entice four bidders to come to your auction.
Defend your view on whether monetary policy should be expansionary, contrationary, or neutral right now. Be careful to identify the poaitive reasons for your normative position drawing upon the current state of the economy and macroeconomic theory.
write two paragraphs answering the question below.many people feel the fed which is largely independent of congress and
question 1. the world price for baseballs is 24 per dozen and almost all of them are produced outside the u.s. suppose
the paradise shoes company has estimated its weekly tvc function from data collected over the past several months as
Maria is debating between two different mortgages for $155,000. She found a 20-year fixed rate loan at 7.35% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan?
"If you are the curator of a museum that charges a fee to enter and your boss wants you to increase revenue, what price change do you make?"
statistician at the learning computer co has estimated the following production function for the semiconductors.q l 0.1
An increase in the demand for video films also increases the salaries of actors and actresses. Is the long-run supply curve for films likely to be horizontal or upward sloping? Explain.
what method is used to ration goods in a market economy? how does this rationing method influence the incentive of
suppose investment, in addition to having an autonomous component, also has a component that varies directly withthe level of real GDP. How would this affect the size of the government purchase and net tax multipliers
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