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Give a single definition of the term “the market” as it is used in expressions like “the market for wheat,” “the legal US market for kidneys,” and “the market for the common stock of a particular corporation.” Explain why your definition is broad enough to apply to all markets, including each of those listed above. Also explain why your definition is narrow enough to exclude things that are not markets. A good definition captures the most essential features that all markets have in common. If a market’s characteristics listed in your definition change, we should agree that the market has changed. B. Define a lump sum tax. Why are lump sum taxes rarely used by real governments? C). A firm with private marginal cost PMC and average unsunk cost AUC is producing Q units and selling them at a price P, where P > PMC(Q) and P > AUC(Q + 1). The firm could make more profit if it could sell more at the same price P per unit. Explain why we can be sure of this.
What is the definition of "First Best", "Second Best", etc. in contract theory? Especially, what is the difference between "First Best" in contract theory and "ex-post efficient" in mechanism design?
Midwest Media Inc. is a broadcasting firm that owns and operates radio and television stations in the Midwest. The firm is currently considering the purchase of a proximate fast food chain that is experiencing financial difficulty. What recommendatio..
q.inflation and unemploymenta explain your answer why are inflation and unemployment often viewed as the key dare
step by step all work shown answer and please show all calculations and how you got answer and make it very detailed all work shown please.
What does an increase in fixed costs due to the average cost curve of small firms.
The demand function for a particular brand of LCD TV is given by p=2800-35x where p is the price per unit in dollars when x thousand television sets are sold. Determine the number of sets that must be sold in order to maximize the revenue.
Your employer has anticipated needing $60,000 in 2.5 years to finance the purchase of a new machine. IF they aniticipate making a single lump sum investment today into a saving account that will return12% interest compounded continuously, how much mo..
Assume a New Keynesian Model Framework consisting of current goods market, labor market, money market and the production function. Since this framework helps reconcile business cycle facts, we can empirically assume sticky prices and target interest ..
The probability of successfully drilling exploration well in a region is 40%, the cost of drilling and completing a well is $50 million and if the well is successful, the etimated size of the discovered reserves is 50 MM barrels. On the other hand, a..
With a figure that shows simultaneous equilibrium in the domestic money market and the foreign exchange market (uncovered interest parity), discuss how a balance of payments crises comes about. How can a balance of payment crises make a bank run or d..
Please explain the significance of laws to protect employees from collectively bargaining from the perspective of diverse stakeholders. Please explain the different classifications to protect employees from discrimination.
The payroll tax is levied at a rate of 15.3% of a worker’s earnings, up to a ceiling. For workers with earnings greater than the ceiling, the tax rate is only 2.9%. Also, the payroll tax does not apply to capital income, which is a larger share of in..
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