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Problem 1:
i) Distinguish between the different types of concentration measures.
ii) Derive and explain the Dorfman and Steiner (1954) condition for optimal advertising.
Problem 2:
i) Outline how the marginal revenue productivity (MRP) theory suggests that level of wages in an industry is determined under both perfect and imperfect competition?
ii) Suppose a firm is a monopsonist in the labour market it hires. Its MRP of labour is 14 - L and the wage rate is W = 2 + L.
a. How much labour the firm will hire and what wage rate it will pay?
b. How much labour it will hire and use if a minimum wage rate of $ 10 is imposed on it.
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time
what are the variables to be included in the social welfare of a country?
#questThe demand for and supply of labour in a certain industry are given by the equations Nd = 400 - 2w Ns = 240 + 2w Where Nd ( is the number of workers employers want to hire
a) Collect costs, revenue data, or other data from the industry that you deem relevant. Describe how you would modify the data in order to make it relevant to decisions a manager m
1. A standard solution of potassium hydroxide (KOH) was prepared by dissolving 15g of KOH in 250.0mL of distilled water. (a) Calculate the concentration of this standard solution.
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Liberalisation of the Economy: Removal of Industrial Licensing: All industrial licensing was abolished but for a shortlist of 18 industries related to security and strategic
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