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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
marginal utility is applied on money or not
Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
1. Assessment Criteria The coursework will be marked on the overall outcome including: structure, quality of reasoning, quality of written English, data analysis, referencing, sty
What are the causes of inflation? Define inflation as a steady enhance in the general price level. Then, there are, well, two and a half basic reasons: 1) Demand-pull infla
Due April 8 a) Produce some initial summary statistics of the data. b) State the hypotheses that will be tested. Show me advanced results (analyses, not write-up/paper) Due April
Private benefit and social benefit: Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence
Production having Two Outputs -Economies of Scope * Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe
Explain the meaning of the statment "coffee and tea are close substitutes".
Functions of Money Money performs several important functions. It serves as a medium of exchange, a unit of account, a store of value and a standard of deferred payments. In a
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