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Respond to each of the following questions in 150-200 words each covering the economic topics and concepts described in chapter 9 and 10 of the text, Essentials of Health Economics.
a) Explain the unique characteristics of the four primary market structures.b) Explain why economic profits are zero in the long run in a monopolistically competitive market.c) What are the characteristics of a public good?d) Discuss the two ways that product differentiation affects the demand for a product.e) Describe at least five different forms of government intervention in the economy.
A family friend has asked your help in examine the operations of 3-anonymous companies operating in the same service sector industry. Fill the missing data in the table below.
Suppose the consumer/worker values two things: a consumption good C and leisure L. Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C, L) = ln C + L The price of consumption is P and the wage rate is w: Yo..
Elucidate how would this technological change affect the price elasticity of demand for natural gas
A monopoly is manufacturing a level of output at which price is $80, marginal revenue is $40, average total expenses is $100, marginal cost is $40and average fixed cost is $10.
Suppose a closed economy which has suffered from a sub prime crisis. During such a crisis households and bankers often become more cautious.
Calculate the book price and quantity effects of the local 8% sales tax. With perfectly elastic demand, who pays the economic burden of such a tax?
In some countries, the role of women is not regarded in the same way as a man. how might this effect production in the country and the consequent effect on standard of living.
The Federal Reserve System [Fed] has a huge measure of political independence. The Board of Governors, appointed through the United States president and confirms by the United States Senate, serve fourteen year terms.
Suppose Congress wishes to reduce the budget deficit by reducing government spending. Use the IS-LM model to illustrate graphically.
The Los Angeles retail market for unleaded gasoline is fiercely value competitive. Suppose situation faced by a typical gasoline retailer when the local market price for unleaded gasoline is $2.50
Most of the critics argue that America has too many elections, a surplus of elected officials, and unwieldy layers of government.
In the context of the IS-LM model, what is the effect of each of the following on equilibrium output and the real interest rate? Explain why these effects occur and show graphically.
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