What factors determine the elasticity of resource demand

Assignment Help Microeconomics

Reference no: EM133659711

Problem

I. Why might price collusion occur in oligopolistic industries? Assess the economic desirability of collusive pricing. What are the main obstacles to collusion? Speculate as to why price leadership is legal in the United States, whereas price-fixing is not.

II. Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times?

III. What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward?

IV. What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce commodity X? Where there is any uncertainty as to the outcome, specify the causes of that uncertainty.

V. Explain why the general level of wages is high in the United States and other industrially advanced countries. What is the single most important factor underlying the long-run increase in average real-wage rates in the United States?

VI. What is meant by investment in human capital? Use this concept to explain (a) wage differentials and (b) the long-run rise of real wage rates in the United States.

Reference no: EM133659711

Questions Cloud

Are there any equilibria in pure strategies : However, if (s)he does something else and there is something at stake, (s)he will derive utility x.. Are there any equilibria in pure strategies?

Why is it important to select the correct cycle date : Why is it important to select the correct cycle date? To make sure I am approving the correct cycle of transactions and card accounts To look for future

Which statements about us paymentech providers might be true : Most of us were not yet born when the US experienced. In this hyper-inflationary situation, which statements about US paymentech providers might be true?

Statement button become enabled so you can click : statement button become enabled so you can click to certify the managing account? When I drill down into a transaction After each transaction is approved

What factors determine the elasticity of resource demand : What factors determine the elasticity of resource demand? What effect will each of the following have on elasticity or the location of the demand for resource C

Calculate the amount of bad debt expense at the end of 2024 : Calculate the amount of bad debt expense at the end of 2024 and Record the journal entry to record bad debt expense for 2024

What the problem hunter tried to correct or investigate : Explain what the problem Hunter tried to correct or investigate was, the technique(s) he used to deal with the case, and what the results were.

What ways did the legal challenges against jim crow laws : What ways did the legal challenges against Jim Crow laws, such as landmark Supreme Court cases like Brown v. Board of Education.

What value is reported on the balance sheet : what value is reported on the balance sheet at the year end 2) what other balance sheet accounts are affected (exclude cash and retained earnings)

User Account

All Pages