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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
Carbon Tax: An environmental tax that is imposed on products that utilize carbon-based materials and thus contribute to greenhouse gas pollution (comprisinggas, oil, coal and other
once vaccinated,a person cannot catch a cold or give a cold to someone else. As a result,the marginal social benefit resulting from consumption of the vaccine.
1. How does the marginal social benefit curve of a common resource compare to the marginal social benefit curve of positive externality from a mixed good? Highlight the difference
subsitution effect dominate tha income effect in which good case?
Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke
cars:0,2,4,6,8 tow truck:30,27,21,12,0
Q. Explain Nominal GDP? Nominal GDP: Nominal gross domestic product measures total value of all the services and goods produced and traded for money in the formal economy, eval
its elements , scope calculation
Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly
Suppose a firm faces two markets for the same product. In market A, the demand function is PA=60-QA, while in market B the demand function is PB=36-0.5QB. The total cost function i
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