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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.
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
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Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
explain bains model of limit pricing
Explain why a perfectly competitive firm does not expand its sales without limit if its horizontal demand curve indicates that it can sell as much as it desires at the current mark
Ask question #Minimum 100 wordswhat ism accepted#
Why and how are economists attempting to create more accurate measurements of development? The why part is simply because of the complexities built-in to the concept of develop
what are the advantages of a monopsonistic labour market
what is basing point
Measuring Cost: Which Costs Matter? Accounting Cost versus Economic Cost - Accounting Cost Actual expenses and adding the depreciation charges for the capital equip
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