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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.
Regardless of the market structure, oligopolist and the monopolist maximize their TR when MR=0. Do you agree?
Partial Input Elasticity of Output: This is a short-run concept which deals with the variability of only one factor keeping the others constant. There are three kinds of retu
Ben prefers the mixed consumption basket x+y to either 2x alone or 2y alone. But as between the latter baskets, he would rather have the 2x. Do the fact stated indicates the axiom
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Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
what is the theory of second best? prove the theorem with the help of a diagram.
The total demand consists of: 1. New owner demand and 2.A replacement demand The replacement demand tends to grow with the in the total stock with the consumers. Once a pe
short run equilibrium of the industry
GROWTH OF PRODUCTION: The performance of Indian agriculture during more than half a century of planned economic development can be broadly characterised by three distinct phas
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