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QUESTION 1: Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.
QUESTION 2:Compare and contrast the ‘five forces' analysis of competitive structure with the S-C-P (structure-conduct-performance) models of perfect competition, monopoly and oligopoly. Pay particular attention to the aims of the different approaches and their overlaps.
QUESTION 3:How would you explain an industry with monopolistic competition using a five forces analysis?
A function of government is to regulate natural monopolies. Describe what is a natural monopoly and why it needs government regulation
Solve the partial derivative
Test the null hypothesis that each individual coefficient is equal to zero against the alternative that it is not, at the 5% significance level and comment on your findings
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
Consider a company that uses two inputs. The quantity used of input one is denoted by x_1 and quantity used of input 2 is denoted by x_2.
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Assume that the market demand for broccoli is given through Q=1000-5P and the market supply of broccoli is given through Q=4P-80 where Q is quantity per year measured in hundreds of bushels
Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours o..
Describe why a Keynesian approach to managing the macro economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a superior outcome.
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