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A study in 1975 estimated the effect of monopoly on equity as opposed to efficiency (W. Comanor and R. Smiley, "Monopoly and the Distribution of Wealth" Quarterly Journal of Economics [May 1975]). For 1962, the wealthiest 0.27 percent of the population accounted for 18.5 percent of wealth. If all industries were competitive, this study estimated that the wealthiest 0.27 percent would have only 13 percent of wealth in 1962. Can you explain this finding? Hint: The wealthiest 0.27 percent held 30 percent of business ownership claims.
The total cost (TCZ) of the De Beers Company (a monopolist) is given by TCZ = 100 + 50QZ + 0.5Q2Z where QZ is the number of diamonds produced and put on the market by the De Beers Company. What is social welfare when De Beers acts as a perfect compet..
Why might land reform be a precondition to equitable rural development?
Estimate cost elasticity of demand for education at this university. Is cost elasticity of demand for university tuition elastic or inelastic according to answer in part (i) Why.
mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
The president of your company (a medium-sized health maintenance organization) has asked you to conduct research into patient use of your facility during the last two years. What ethical issues do you want to consider, as you design the research?
Why does the law of diminishing returns apply to so many different types of production? Why does that mean increasing marginal costs?
Dr. Shelly Cantin is a psychopharmacologist who believes that she has developed an effective drug to enhance memory.
What is the equilibrium Price? What is the equilibrium quantity?
Describe and illustrate graphically the firm's profit maximizing behavior in particular MR=MC under the above-mentioned market structures or conditions.
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is 0.9 in each country. Country A decides to increase spending by $2 billion, while Country B decides to cut taxes by $2 billion. Find the tax..
In the late 1990's, care leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the care. If the customer decided to keep the car, the c..
What is Transactional Leadership and why is it important to telecommunications?
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