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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?
Consider the following game of incomplete information. Nature Örst selects x 2 f0; 12g and reveals it to player one. Player two believes that either value of x is equally likely, and player one knows player twoís beliefs. Carefully specify the pure s..
q1. i want to know how to give tell to someone about ceteris paribus when he has a job working at a fast food
Define real and nominal GDP. Which form of GDP (real or nominal) do you believe should be utilized when assessing the performance of the US economy over time? Why?
Consider a diagram containing isocost curves for the production of a given level of a final commodity in the household production model. Assume that purchased inputs are represented on the vertical axis while the time input is measured on the horizon..
A cost of using Fed discount operations to prevent bank panics would be ______. Economics of scale explains the existence of financial intermediaries because of ______. Benefits of using a nominal anchor for the conduct of monetary policy includes __..
The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S. issuers to report under International Financial Reporting Standards (IFRS). Consider the following critical questions of such a move:
" The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased. This caused the price of incandescent light bulbs to fall; as the price of incandesc..
A business group from another country has offered to purchase a franchise of Sandwich Blitz. Dalman and Lei are very interested and quite excited for this opportunity for their business to enter the competitive international marketplace.
What is the particular form of money (M1,M2, etc.) that would be the smallest measure that includes the type of money described in the article. (For example, if the article is about cash, write "M1."
Most U.S. and some European airlines now impose additional charges for everything but a seat on the flight. Specific seat selection, baggage, beverages, and nearly every amenity that was once included in the ticket price is now a source of “ancillary..
A profit maximizing competitive firm uses just one input, x. Its production function is q=8x1/2 . The price of output is 16 and the factor price is 8. The amount of the factor that the firm demand is. (a) 10 (b) 22.63 (c) 64 (d) 48 (e) None of the ab..
Suppose that fiscal policy changes output faster than it changes the price level. How might such timing play a role in the theory of political business cycles?
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