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Discussion: Efficiency of Free Markets Actions for 'Discussion: Efficiency of Free Markets'
Economists have long known that free markets are perfectly efficient. Consider Q1 in the graph, below. How much do consumers value one more unit of output (Q1 + 1)? How much do producers value one more unit of output? Use the concepts of consumer surplus and producer surplus to explain why Q2 is more efficient than Q1. Now use the concept of total economic surplus to explain why the equilibrium quantity is the most efficient. Why would Q4 be less efficient than the equilibrium quantity?
as an employee of the world bank you have been asked to research one economic concern in a south american country and
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
Production quota: In many cities, the amount of licenses to operate taxis is limited. For the purposes of this problem, we can think this is a production limit (a maximum production level) of taxi rides set by government. Assume that this limit is lo..
A couple starts saving for their retirement by putting $1000 at the end of this year and increasing the savings by 5% each year. If the savings earn 6% annual interest, what would be the value of their savings at the end of 30 years?
Share your definition of globalizaion and whether or not it has more merits or demerits. Discuss, for example, how it benefits developing nations-
In December, year 1 Sid's Body Shop (an accrual-basis taxpayer) did repair work on Lisa's car and was to be paid $2,000 by her insurance company.
What was the growth rate of nominal GDP between 1999 and 2000? (Note the growth rate is the percentage change from one period to the next).
What is the magnitude and direction of spending
Illustrate how can production functions, isoquant and isocost analysis, and other tools of microeconomics help decide the best path for the company to pursue.
What market forces prevent absolute PPP from holding in real economies? Which of these represent unexploited profit opportunities?
1. in 2003 a was 1507 billion dollars b was 7.274 billion dollars c was 2.054 billion dollars d was 1.624 billion
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