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1. Explain how the forces of supply and demand bring about equilibrium in a competitive market and maximise welfare.
2. Consumer surplus is a good measure of economic well-being. However in some circumstances, policy makers choose to disregard consumer surplus. Explain what those circumstances may be and illustrate with at least two examples.
3. Give three arguments for restricting free trade. Do you think they are justified? Explain why you think they may be justified.
4. What are positive externalities in production and consumption? Why are market outcomes inefficient in the presence of externalities?
5. National defence is seen as a public good. Why? Is free to air TV a public good? Explain your answer to the TV question briefly but covering the main points.
Note to all students: The above topics have been chosen to allow you to study the topics comprehensively. The exam questions will be more specific and will require you to give a short answer - eg one paragraph of maybe not more than 100 words.
you are given the following scenarios for considerationscenario 1 assume that the government imposed a price ceiling on
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Determine how supply and demand can affect the prices of these homes. In a PowerPoint presentation, submit data findings that include economic factors within that area that may influence your decision, or factors that have prohibited an area to be..
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What single sum of money at t = 4 is equivalent to receiving $5,000 at t = 1, $5,800 at t = 2, $7,300 at t = 3, and $8,200 at t = 4 if money is compounded at a rate of 11.5% per time period?
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the implications of the barriers to entry/exit, the efficiency of this market, profit maximization, elasticity, an explanation of why advertising is more important in this market structure compared to the other types, and any other important chara..
Q.1 What is the present value of the net tax-shield of debt if the current market value of the firm is $10 million, its value if unlevered would be $8 million, and the present value of bankruptcy and agency costs is $500,000?
1- Identify the logic of economics that those who have not studied economics may fail to understand.
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