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What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and which are the most important factors of production in California? (iv) How can we expand the production possibilities curves? (give some examples at macro- and micro-economic levels)
when does price and output determined in the unregulated monopoly
1. "Price discrimination allows a monopoly to increase its economic profit by capturing part of the consumer surplus and turning it into economic profit. Such a situation however l
theory of profit
what is non- collusioligopoly and how its price and output is determined
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
what are criteria and conditions for pareto optimacy
Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor
How the above would apply to non-renewable resources such as oil. This has general applicability to any competitive market. The issue here is that potential supply has a finite
Homer consumes only donuts and beer. When he consumes less than 10 beers, Homer would gladly drink one more. After drinking 10 beers, Homer is so drunk that he does not notice any
how is price and output equilibrium determined in Williamson''s model of managerial discretion?
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