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1. List the basic characteristics of pure monopoly, monopolistic competition and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification.
2. In long-run equilibrium, pure competition we have P = minimum ATC = MC. Of what significance for economic efficiency is the equality of P and minimum ATC? The equality of P and MC? Distinguish between productive efficiency and allocative efficiency in your answer.
3. Discuss the major barriers to entry into an industry. Explain how each barrier can foster monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
As the marketplace is in equilibrium, the required returns of the two stocks should be the same.
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
Explain how each of the following would cause the yield curve to shift if between now and next year:
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
Elucidate unequivocally why the foundation of trade has nothing to do with absolute advantage and only the law of comparative advantage is relevant.
Elucidate why relatively flat as opposite relatively steep labor demand curves are more consistent.
What will be the hours of work in the hospital and in the clinic to maximize income? What will be the income earned by the physician per day? Show your work.
Elucidate price every ride must the public transportation authority charge to eliminate the deficit if it cannot reduce costs
Illustrate what effects do technologies have on costs. What are some lower cost sources the organization may utilize to reduce cost.
Explain when is equilibrium achieved in the foreign exchange market. Why is foreign exchange hedging beneficial to an organization.
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