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Select a real world market that is not an example of perfect competition or monopoly, discuss whether you think it is more appropriate to apply the model of monopolistic competition or an oligopoly model. You might want to consider factors such as the nature of the product, the number of competitors, how the competitors interact with one another, and outcomes such as prices, profits and firm entry/exit.
(Note: It is not allowed to be an example directly from the lectures, tutorials or the textbook.)
Draw and show the change in the PPF when an outbreak of avian flu sickens millions of agricultural and industrial workers.
Political Instability Abroad Suppose that political instability in other countries makes people fear for the value of their assets in these countries so that they desire to purchase more U.S assets. Refer to Political Instability Abroad. What would t..
Reading: Haller, S. F. & Gerrie, J. (2007). The Role of Science in Public Policy: Higher Reason, or Reason for Hire? Journal of Agricultural and Environmental Ethics, 20(2), 139-165. Retrieved from ProQuest database.
Lynn has a utility function U(W) = W1/2, where W is the amount of wealth that she has. Lynn has two assets. She has $90,000 in a bank account, and she has a house worth $270,000, so her total wealth is initially $360,000. Considering the probability ..
Elucidate the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Truckco manufactures two types of trucks; the T1 and the T2. Each truck must go through the painting shop and the assembly shop. If the painting shop were completely devoted to the T1, 800 trucks could be painted in a day. Use solver table or paramet..
Assume that a seed company supplies GM seed to farmers in the US and farmers in Argentina and faces the following demands: DUS: PUS=80-2QUS and DAR: PAR=50-QAR where DUS is the demand in the US and DAR is the demand in Argentina. What is the Lerner I..
Consider an open economy in which the aggregate supply curve slopes upward in the short run. Firms in this nation do not import raw materials or any other productive inputs from abroad, but foreign residents purchase many of the nation's goods and se..
Calculate the number of occupied units. Assuming that fixed cost is $704 calculate optimal profit.
Determine the range of prices for which the firm incurs a loss but continues to produce. Also determine the range of prices for which the firm earns a profit.
What would be the short-run and medium-run impact of an increase in unemployment benefits (increase in z) on the nominal wage and the real wage?
Elucidate what could be done to encourage people to spend more so as to increase aggregate demand and invariably, create employment possibilities.
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