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1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit?2. Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete.3. Analyse the strengths and weaknesses of GDP as a measurement.4. Distinguish frictional, structural and cyclical unemployment. How is unemployment measured? What are the costs of unemployment and how can policy makers reduce its impact?5. Explain inflation, and the difference between anticipated and unanticipated inflation. 6. Distinguish demand pull, cost push and imported inflation using graphs where appropriate. What are the likely causes of current inflation in Australia? 7. Explain why the demand curve for the Australian dollar is downward sloping, and why the supply curve for the Australian dollar is upward sloping. 8. Explain why changes in the business cycle affect the durable and non durable industries differently.9. Explain the impact of expansionary or contractionary fiscal policy on GDP. Discuss the problems of Fiscal Policy?
A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000. i) Over this price range what
What is meant by labor force? In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above
Dynamic Changes in Costs: The Learning Curve
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Define why prices is significant for economy Reason for using different weights is that some prices are more significant than others for economy. Price of gasoline, for instanc
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Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
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It is clear that monopsony in the labor market is not steady with allocative efficiency and has the effect of withholding significant amounts the employees' MRP from them, that bec
The production function for (a Music company ) their CDs is q= 25*K*L , where q is the number of CDs produced each month, K is the hours of equipment used, and L is the hours of la
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