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Question 1.
What do you understand by the terms 'inflation' and 'unemployment? Identify their main elements and causes. What is the relationship between inflation and unemployment? Use diagrams to answer the question.
Question 2.
Collect and graph for Australia and two other countries values of inflation rate and unemployment rate over the last five years period.
Question 3.
What do these statistics that you have reported in question 2 above, suggest about Australia's and other two countries performance in controlling inflation and unemployment. Why have these countries had this inflation and unemployment experience?
where si is the market shares of the i-th firm in the industry. The Herfindahl index for A is 100. The Herfindahl index for A is 3,800. The Herfindahl index for B is 3,600 The Herfindahl index for A is greater than for B. The Herfindahl index is ..
The supply is simply the sum of the marginal cost curves of all the firms in the industry. Suppose that all the competitive firms collude to form one single monopoly firm. (Collusion changes neith the demand nor the cost conditions in the industry..
Calculate the average veriable cost, average fixed cost and average total cost at each output level.
Marketing refers to the four P's in duscussing firm strategties. Why do you think price is the most powerful and important P that the firm has at its disposal What makes it so much nore attractive as a tool as compared to the other Ps
Elucidate the difference between economic profits and accounting profits. Using the concepts of relative elasticity and relative inelasticity, explain price elasticity of demand.
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. A) What is the equilibrium price and quantity of the product B) What is the price elasticity of demand at the equilibrium price For the next 3 quest..
In economics, when you plot cost and revenue on the Price-Quantity axis, the profit maximization condition is when marginal cost is equal to marginal revenue. This is a crucial notion to understand. Without it one can't effectively analyze profits.Do..
A purely competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all successive units. For each of the first 50 units, do..
This product, called Red Hat Linux, is a potential replacement for UNIX and other well-known operating systems. If you were in charge of pricing at Red Hat, what strategy would you pursue? Explain.
Explain how has the introduction of females also minorities in the corporate structure impacted the supply of labor and the economy.
Thirsty Ed drinks only pure spring water, but he can purchase it in two different-sized .75 liter (good x1) and 2 liter (good x2) containers. Because the water itself is identical, he regards these two goods as perfect substitutes and his
Question based on Derive and compare demand curve, Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?
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