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Discuss your understanding of one key aspect of perfect competition. Apply your understanding of perfect competition to the world around you.
A. In a perfectly competitive industry, buyers and sellers are "price-takers". What exactly does it mean to say that sellers are price takers?
B. Identify an industry / market that, in your understanding, can be described as being close to "perfectly competitive". Discuss your choice
Suppose the economy has a natural rate of unemployment of 6%. Suppose short-run output over the next 4 years is +1%, 0%, -1%, and -2%. According to Okun’s law, what unemployment rates would expect to see in this economy?
Starbucks is hoping to make use of its excess restaurant capacity in the evenings by experimenting with selling beer and wine. It speculates that the only additional costs are hiring more of the same sort of workers to cover the additional hours and ..
Define the three types of agency authority. List and discuss the provisions of the Family Medical Leave Act. What technology company recently adopted very generous provisions for medical leave for pregnancy?
Five years ago, XYZ, Inc. installed production machinery at a cost of $25,000. At that time initial yearly costs were estimated at $1,250, in cr easing by $500 each year. The market value of this machinery each year would be 90% of the previous year’..
In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to incr..
Singapore has a system of traffic regulation called Electronic Road Pricing, in which traffic congestion is reduced by charging motorists who drive into the city center during certain hours of the day. Charging for use of a road is shifting from a th..
In what types of circumstances is it beneficial to hire a lawyer to draft up a contract? What are the disadvantages of hiring a lawyer?
Consider an EOY geometric gradient, which lasts for eight years, whose initial value at EOY one is $5,000 and ƒ = 6% per year thereafter. Find the equivalent uniform gradient amount over the same period if the initial value of the cash flows at the e..
What is the effect of a lower price level, other things constant, on the aggregate expenditure line and real GDP demanded? How does the multiplier interact with the price change to determine the new real GDP demanded?
Does neoclassical economics focus more on long term economic growth or on recessions? Explain your answer. Does neoclassical economics view prices and wages as sticky or flexible? Why? Does neoclassical economists tend to focus more on cyclical unemp..
Consider an economy in which production characterized by the neoclassical function Y=K^.5N^.5. Suppose, again, that it has a saving rate of .1, a population growth rate of .02 and a average depreciation rate of .03. Determine what saving rate would y..
Suppose aggregate supply shifts to the left by $2,000 at each price level. What happens to the economy's macro equilibrium position? Suppose aggregate demand shifts to the right by $4,000 at each price level. What happns to the economy's macro equili..
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