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1. It is said that there is no completition in a perfect competition situation. Why? Give an example to illustrate this.
2. Name 3 commodities that you would consider to be bought and sold in a perfect competition market situation.
3. If someone is producing corn and making a lot of money by doing so, what will happen in the short-run? Long run?
q. a major statistics canada household survey the survey of labour and income dynamics or slid the latest of which is
Provide an intuitive explanation of the Principal-Agent problem and discuss any mechanisms used to mitigate the problem. You should use the business owner-manager problem as an illustration.
Compute the marginal tax rate as income rises from $100,000 to $200,000. Compute the corresponding marginal tax rates for the regressive and progressive tax systems.
Suppose vehicle is introduced into a central business district (CBD), doubling speed of travel for information exchange. Who financially benefits from innovation.
Given a territory and a time range, the gross domestic product is the sum of all the values added. The term value added is open to interpretation. Since the value added of a product or service is its total value minus the value of the intermediate pr..
When entrepreneurs are investing their own money, how do they decide which projects they should undertake? When political decision-makers allocate the funds of others (taxpayers), how do they decide which projects to support? Explain.
Jersey Imports, Inc., markets electronic devices imported from Thai producers. The company recently introduced an innovative and enormously successful 5 GB Joystick (computer memory device), but a flood of competitor entry and downward pressure on bo..
Discuss the income-distribution effects of trade a) between countries (HINT: terms of trade) and b) within countries (HINT: Samuelson).
What is the difference between financial investments and accounting investments? You also need to provide an example of each for both individuals and corporations.
The equilibrium price and quantity of gasoline is $2.50 per gallon and equilibrium quantity is 15 million gallons. The price elasticity of demand is -0.5 and the price elasticity of supply is 1. The state legislates that a sales tax of $0.10 per gall..
Write down the budget constraint of the representative consumer and Write down the maximization problem of the representative consumer and find labor supply
Why did Jackson and his followers insist on the removal of Indians from the Southeast (and places like soutwest Georgia)? What kind of society replaced that of the Creeks, Choctaw, Tuskegee, Seminole, and Apalachee?
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