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Oliver Williamson built on Coase, Alchian, and Demsetz, and others to develop a comprehensive model of transaction cost economics. Williamson defines the critical three dimensions of transactions as:
a)Uncertainty, frequency of transactions, and asset specificity
b)Uncertainty, volume or value, and asset specificity
c)Volume or value, rate of recurrence, and uncertainty
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Japan and South Africa are major trading partners. Indicate and explain how an increase in real GDP of South Africa will affect the demand for the Japanese yen in the foreign exchange market
How does the theory of the firm differ from short term profit maximization? Why is the former superior to the latter?
Describe the specific steps you will take to assess the potential risk to or from your student or client. Explain how you will address informed consent and any exceptions to confidentiality with your student.
Do you think the minimum wage law is an economically efficient means of reducing household poverty? Why or why not?
a competing firm are the only sellers of a new product. You are engaged in an intense battle for initial market share. You both realize that the one who captures most of the market share will be the one who spends the most on advertising and promo..
Examine the influence of gasoline prices on the choice of vehicle you selected. Gasoline prices rise and fall dramatically based on economic supply of and demand for crude oil.
Assume you are the general manager of a concrete mixing and delivery facility located in Texas. Your company purchases the raw materials for concrete, mixes the concrete according to customer specifications,
Go to the Federal Reserve Web site, www.federalreserve.gov, and select About the Fed, then The Federal Reserve System, and then Districts and Banks. Find your Federal Reserve District. Next, return to the Fed home page and select Monetary Policy.
What oil issues would impact the supply? What supply issues would impact prices? What oil issues would impact the demand? What demand would impact prices?
Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.1q3 - 3q2 + 60q + 1000, and short-run marginal cost equation of MC(q) = .3q2 - 6q + 60, if the firm produces 25 units of output: Use the MC(q) equation to solve for t..
Economic Growth - Comment on Economic growth in Australia during the last 5 years and its effects on the society. (both positive and negative).
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