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Perfect Competition Sample Homework
Question: The presumption of efficiency for capitalism is based on the model of perfect competition. Explain the assumptions underlying the model of perfect competition. Provide an example showing how the US economy diverges from each of these assumptions.
The Big Box Company is a firm in a perfectly competitive industry. The average rate of return on capital in this industry is 10%. Thus, if the Big Box Company earns a 10% rate of return.A perfectly competitive firm is charging $7 and selling 1500 u..
If unemployment insurance were so generous that it paid unemployed workers 90% of their regular salary A. the official unemployment rate would probably understate true unemployment. B.
Construct a table showing the (net) marginal revenue product derived from assembly worker employment and how many assemblers would Just Bikes employ at a daily wage rate of $100? Explain your answer and show all calculations.
Suppose the demand for computers. For each of the following, state effect on demand, find the equation of the demand curve if consumer incomes are $30,000,
Advanced MUa = z=10-x and MUb = z = 21 - 2y, where z in marginal utility per dollar in the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B
Meat industry, tourism and agriculture. Choose any ONE industry from this list and discuss the reforms been done in that industry.
Analyze five reasons why demand for this product could shift and analyze five reasons why supply could shift.
Assume that the government proposes to cut taxes while maintaining current level of government expenditures. To finance this deficit, it may either
Find a descriptive article (1 page or more) which deals with a current exchange rate issue.
Find the first order conditions and find the asset demand function for a when utility takes the log form, as in 1B above.
Using supply and demand diagrams, show how each of the two developments can explain the increase in the compensating wage differential. Can information on the number of workers in the risky occupation help determine which explanation is more plaus..
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
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