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Question 1
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency.
Question 2
While firms in both the perfectly competitive structure and the monopolistically competitive structure earn zero economic profit in the long run, it can be said that perfect competition is a more efficient structure than monopolistic competition. Discuss this statement with the use of appropriate diagrams.
Question 3
What is a natural monopoly? If a firm is a natural monopoly, illustrate with the use of diagrams why is it is necessary to have the price set by a regulatory authority rather than by the market.
Question 4:
One of the defining charateristics of an oligopoly is non-price compertion. Why is the case and how is this related to game theory scenarios such as the Prisoner's dilemma?
Question 5:
Attempt either Part A or Part B
Part A
Petrol prices recently plummeted; discuss some of the reasons behind this development
OR
Part B
Discuss the pros and cons of deregulation of university education and fees.
International data show a positive correlation between income per person and the health of the population. How might the relative importance of two hypotheses be relevant for public policy
In the economic model of the fishery developed in this chapter, compare the effect on fishing effort of an increase in cost of a fishing license with an increase in a per-unit tax on fishing effort that raises the same amount of revenue. Assume th..
Analyze the Ocean Dumping Act. How effective have it been? Who are the Stakeholders - What do you learn from to guide future policy implementations?
decrease in your real income that results when photographic equipment you purchase increases in price because of increased demand by others for these items. cost you bear when your neighbor has a noisy party and does not compensate you for your dis..
suppose exports and imports of a country are given by the followinggdp exports imports2500 400 2503000 400 3003500 400
1. the federal budget deficit has been over 30 percent of gdp since the early 1980s.atruebfalse2. to finance a federal
Depreciable residential rental real property has been purchased for $70,000 and put into service during the third month of the taxpayer's tax year. For the applicable 27.5 year depreciation life. How many months of depreciation should be generated fo..
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
Calculate the price elasticity of demand for the following demand function
Bob borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly payments are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan ..
A company used a combination of inputs that was to left of its isocost line, it would indicate that
Explain Myrdal's concept of cumulative and circular causation and compare and contrast it to Veblen's concept of cumulative causation.
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