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What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the type of ‘playing field’ that production and price competition takes place on, consumer sovereignty, etc.). Does this model hold logically and empirically? Explain. From the heterodox perspective, how does an oligopolistic competitive market work in the real world? Include the assumptions behind this perspective. Does this model hold logically and empirically? Explain. Why does the prevalence and dominance of positive feedbacks support an oligopoly structure over a perfect (pure) price competitive structure (include readings)? Why is it that oligopolistic firm’s do not compete over price and find it advantageous to collude and fix prices (a recent case involved Procter & Gamble and Unilever, 2011)? Note here that fixing prices is the exact opposite of a perfect price competition model. What is the ‘logic’ of the production system (i.e., M-C-M’ or C-M-C’) from the orthodox and heterodox perspectives and what does this have to do with the structure/organization of our economy? Explain the difference between these two logics. Given the logic of each, what drives the economy forward (i.e. gets it moving) from these perspectives, supply or demand? Explain the process of both.
What the slope of the budget constraint? Why is it this value? What is the endowment point? Why must changes in the interest rate cause a rotation in the budget constraint about this point?
Demand: P=30-2Q Supply: P=4Q Equilibrium Price____ Equilibrium Quantity______ Own Price Elasticity of demand Equlilbrium______ Consumer surplus________ Producer surplus__________ Same market after $6 sales Tax
Why should the government intervene in situations of market failure? Should the government intervene if a market is fully efficient, why? What additional rationals are present if there is inadequacy in the market?
In July, 2013, in the economy of Sandy Island, 10,000 people were employed and 1,000 were unemployed. During August, 2012, 80 people lost their jobs and did not look for new ones, 20 people quit their jobs and retired, 150 people were hired or recall..
In January 1991 the Consumer price index (CPI) was 134.6. In October 2015 (the November CPI is not yet available, so use the October CPI for this problem) the CPI was 237.8. Using January 1991 as the base period, what was the real (inflation-adjusted..
The market supply curve is the curve that summarizes:
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 Hassman Company produces two joint products, X and Y. The isocost curve corresponding to a total cost of $500,000 is Qy = 1,000 – 10Qx – 5Qx^2. What is the optimum output of product Y? Can you be sure that the optimum output combination lies on t..
Using the specific-factors model, elucidate why you might expect to see certain capital owners and labor groups arguing against expanding trade in a capital-abundant country.
As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
Find the marginal revenue functions associated with each demand function.
If the EU and the United States continue to trade what do you think will characterize goods which the EU exports to the United States and the goods that the United States exports to the EU.
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