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Michelle Slatalla ( New York Times, February 3, 2005) stated, “The conventional wisdom a few years back was that the Internet would erase price differences among retailers by giving customers instant access to the best deals. Merchants who charged more would be driven out of business.” She further quoted Professor Michael Baye, who noted, “The prediction was price-comparison sites would create perfectly competitive environments in which all firms would have to charge the same price.” These forecasts for the Internet creating “perfectly competitive” markets were based on the competitive model we have presented in this chapter. Do you think the Internet has helped create more competitive markets or less? Why?
Using the concept of opportunity cost also PPF explain the phrase affluence tomorrow requires sacrifices today
Illustrate what do you think will be the impact of the federal reserve bank $600 billion purchase. Apply ALL of your knowledge on MONETARY POLICY to answer this question.
Now allow Foreign and Home to trade with each other, at zero transportation cost. Find out and draw a graph of equilibrium under free trade.
Explain why general level of wages is high in United States and or industrially advanced countries.
Compare the consumption levels of workers in both countries. Explains the diversity between the countries.
Find out the Nash equilibrium prices of the procedures at the hospitals. find out the profit maximizing monopoly prices of the procedure at each hospital.
Is it advantageous for all countries to utilize cheaper labor or does importing your goods.
The trade or business of manufacturing dolls and accessories
A firm that finds it extremely expensive to monitor the output of each worker will likely pay its workers
Provide an example of a specific industry that you believe fits the model also elucidate your rationale.
Illustrate what matters is not the absolute abundance of factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.
Calculate market demand and market supply. How this affects golden rule of capital per worker and golden rule of savings rate in so low model and explain your results.
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