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Marginal economics textbooks typically cover the issues of market structure and cover perfect competition in some detail. However, perfect competition actually does not exist in pure form as the conditions are too restrictive for any industry to meet though some like raw agriculture products come close. Is there value in studying the structure for business managers? Why or why not?
Define the deadweight loss of a unit excise tax on a particular good. Explain what it measures. Draw a graph of possible supply and demand curves for a particular good for which the deadweight loss (DWL) from a unit excise tax is about half as big as..
In the text, Costa Rica devised a strategic trade policy to accomplish what goals?
The quantity demanded of the resource in each year is given by the equation Qt = 10 - Pt . The marginal cost of extraction is zero.
Why is wage labor completely incompatible with feudalism?Is economic life distinctly separate from social and political life?Describe what Smith meant by the "invisible hand". What is the mechanism by which selfish interests are made compatible with-..
Assume we are facing a recessionary gap (RG) of $20 million. Explain the tools the government has at its disposal to close the gap, using FISCAL policy and in what direction it would use them, given that we have a RG (increase, decrease?). Give the e..
Suppose that a monopolist sells a product to consumers with an aggregate demand that is downward sloping in quantity, D(Q) = 200 − 2Q. The total cost of producing Q units is C(Q) = 20Q + 2Q2. What are the consumer and producer surpluses (CS and PS) a..
Suppose life is discovered on Mars and that it turns out to be quite sophisticated. In fact, perfect competition prevails everywhere on the planet. Which of the following characteristics of Martian firms are we likely to observe.
In the neo - classical model of labor - leisure choice, the representative consumer receives satisfaction from consumption of goods (C) and from the consumption of Leisure (L). Let C be the composite good with price $1 and L determines the number of ..
What is represented in the price of a good or service?
Use the concepts of economies and dis-economies of scale to explain the shape of a firm's long-run ATC curve. What is the concept of minimum efficient scale? What bearing can the shape of the long-run ATC curve have on the structure of an industry?
Assume a world consists of only two countries: Latvia and Bulgaria, which can produce only two goods: lemons and beef. Latvia can produce 1000 tons of lemons or 500 tons of beef or any linear combination of lemons and beef that satisfies lemons+2×bee..
What are the various causes/types of unemployment? What does it mean to be unemployed, i.e. what are the social, economic and political effects of unemployment? Should the government’s number one goal be low unemployment and how do unemployment and i..
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