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Question 1:
i) Derive and explain Harberger's (1954) welfare loss estimates of monopolizing a perfectly competitive firm.
ii) What are the roles of advertising? Can it lead to an increase in market concentration? Discuss.
Question 2:
i) Use a simple human capital model to explain the rationale for undertaking higher education.
ii) Why do some people vary significantly in the amounts of human capital which they acquire? For instance, why is Sam a high school dropout, Bertrand a high school graduate and Gerard a Ph.D?
Question 3:
Write short notes on any three of the following.
i) Hannah and Kay's (1977) axioms of a good concentration measure ii) Dorfman and Steiner (1954) condition for optimal advertising iii) Marginal revenue productivity (MRP) theory iv) Occupational Licensure
The marginal benefit of a refrigerant in a production process (the producer's willingness to pay for its use) is 100-5Q. The marginal damage from the use of the refrigerant on the
under which market structure does the banking sector fall?
Describe stabilisation policies as by the International Monetary Fund (IMF). Define stabilisation policies as basically a list of demands set forward by the IMF to a debtor nat
Tom's pizza sells for $ 5.00 ea and serves an average of 425 customers per week. During a recent sale, Tom lowered the price to $ 4.00 per ea. Sales increased to 500 customers duri
Explain the term economic efficiency? Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and
Foreign investment: To attract foreign investment – Developing Plans are used as a means of attracting foreign investment or foreign aid.Foreign government and international o
1. National Marine Fisheries Service is considering closing a large area of federal waters to fishing in Alaska due to negative interactions of fishing with endangered Steller sea
thoery explanation
b) Sally’s firm produces granola bars with a fixed cost of 10 (this cost is already sunk). Her variable cost function is VC = q2 + 2q. Assuming the market for granola bars is comp
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
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