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Imperfect Markets
a) Discuss how the assumptions of the basic competitive model must be relaxed so that we may consider economic situations that are more realistic.
b) Define and provide an example of the following market structures:
i) Monopoly
ii) Oligopoly
iii) Monopolistic Competition
iv) Natural Monopoly
c) Discuss and graphically illustrate the welfare (Pareto Efficiency) implications of the above market structures.
i) Can governmental intervention improve welfare?
ii) Can governmental intervention be harmful in some special cases?
Venezuela had considerable capital outflows after election of Hugo Chavez. If Venezuela had fixed exchange rates, determine what effect would these flows have had on Venezuela's overall balance and value of the Bolivar
Describe how a surplus of money leads to a change in bond prices and interest rates. Explain all the steps.
Recall the application on rent control and mismatches. Under rent control, the government sets a maximum price for housing, decreasing the quantity supplied and the total value of the market. Rent control and other maximum prices cause ________ possi..
Suppose that labor costs w=$100 per day and that at the current level of employment the marginal product of labor is 20. What does marginal cost equal? Show/explain. Interpret the value you obtained for marginal cost. If, at the current employment le..
Arian is about to borrow $3,903.71 from his uncle. He has an option to repay the loan at the end of year 6 with 9.73% simple interest per year or with 6.77% interest per year, compounded annually. What is the difference of the total interest paid ove..
Suppose the economy is thought to be 1 percent below potential (i.e., the output gap is −1 percent), when potential output grows 4 percent per year. Suppose the Fed is following the Taylor rule, with an inflation rate of 4 percent over the past year...
Present in detail the following two theories/models associated with “post-Heckscher-Ohlin” trade theory. In the case of each theory/model, be sure to indicate important characteristics of real-world international trade that the theory/model is attemp..
How does a negative externality change the supply and demand equilibrium point? Draw the graph with and without the negative externality and explain what happens to the supply ? ( Counpastion externality )
One of the largest car dealers in the city advertises a 3-year-old car for sale as follows. Cash price $13,750, or a down payment of $1375 with 45 monthly payments of $361.23. Sharon bought the car and made a down payment of $2000. The dealer charged..
q1. are there any hiring standards that should be avoided? identify them also explain why they should be avoided?q2.
Consider a Cournot duopoly with the inverse demand p = 130 - Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the con-sumer surplus and DWL.
Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Facto..
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