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What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the type of ‘playing field’ that production and price competition takes place on, consumer sovereignty, etc.). Does this model hold logically and empirically? Explain. From the heterodox perspective, how does an oligopolistic competitive market work in the real world? Include the assumptions behind this perspective. Does this model hold logically and empirically? Explain. Why does the prevalence and dominance of positive feedbacks support an oligopoly structure over a perfect (pure) price competitive structure (include readings)? Why is it that oligopolistic firm’s do not compete over price and find it advantageous to collude and fix prices (a recent case involved Procter & Gamble and Unilever, 2011)? Note here that fixing prices is the exact opposite of a perfect price competition model. What is the ‘logic’ of the production system (i.e., M-C-M’ or C-M-C’) from the orthodox and heterodox perspectives and what does this have to do with the structure/organization of our economy? Explain the difference between these two logics. Given the logic of each, what drives the economy forward (i.e. gets it moving) from these perspectives, supply or demand? Explain the process of both.
The financial crisis of 2008 caused macroeconomists to rethink monetary and fiscal policies. Economists, financial experts, and government policy makers are victims of what former Fed chairman Alan Greenspan called a "once in a century credit tsunami..
Elucidate how much will the government spend in total. Elucidate how much does producer surplus increase.
The German Consumer Price Index was 121 in 2010, and it was 87 in 1998. If you put aside $8,014 in 1998, then how much would you need in 2010 to buy what you could have bought with the $8,014 in 1998?
Assume that the senior managers of FedEx Express and FedEx Ground each have an investment opportunity that would require $20 million of additional operating assets and that would increase operating income by $4 million. If FedEx evaluates all of i..
Explain additional ads show the same response, is the bank running an optimal mix of ads.
The company wants to replace office equipment like machines and computer at assorted times over the five year planning period.
Compare and contrast the merits of GNI, Net National Product, and Your Better Life Index as indicators of economic performance in Brazil, Russia, China, and India.
State whether the following characteristics represent monopolistic competition, oligopoly, or both.
Under one reform proposal for the U.S. Social Security system, part of the Trust Fund would be invested in stocks. The idea is that stocks have paid a higher average rate of return than government bonds in the past. Explain why this policy would prob..
How do the following matter? (i) size of deductibles for those covered by insurance; (ii) size of the cash marke. (iii) dispensing fees based on the value of the prescription vs. fixed dispensing fees.
What are the 4 types of unemployment? Please explain the current situation of employment in the United States; how does it differ for the long-term unemployed (over 6 months)
A local community bus service, the only bus service in the market (i.e. a monopoly), charges $2.00 for a one-way fare for all riders. The city council is thinking of raising the one-way fare to $2.50 for all riders. If the city council increases the ..
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