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(a) Social welfare functions embody a normative conception of the relative importance of equity and efficiency'. With the aid of diagrams, illustrate and explain this proposition.
(b) As tools of real-world policy analysis, social welfare functions have been subjected to severe criticism'. Discuss with extensive reference to the literature on theoretical welfare economics, including Arrow's famous Impossibility Theorem.
(a) and (b) carry equal marks.
(a) and (b) should each be 1,000 words in length.
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the proble..
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
Why has the global capital market grown so rapidly recently? Do you expect it to continue to grow and what are the risks that might be associated with investing in the Global Capital Market?
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
The law of demand says that the price and quantity demanded are inversely related. Thus, is demand curve positively or negative sloped?
A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic.
Does Will's frequent buyer program have the same effect on the consumption of its bagels that would occur if it simply lowered the price of one dozen bagels by 3%? Explain.
If the production function is Q=K^.5 L^.5 and capital is fixed at 1 unit, then the average product of labor when L=36 is?
Suppose you're a city planner working on new industrial park and contemplating the use of industrial ecosystem. Describe the major advantages and disadvantages of industrial ecosystem which you would consider in making your decision.
Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..
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