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1. Why must buyers and sellers be price takers for a market to be perfectly competitive?
2. List three conditions for perfect competition.
3. If the conditions for perfect competition are generally not met, why do economists use the model?
Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condi..
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
Assume that each firm can buy only one license. What is the maximum amount you would be willing to pay for a license?
Assume you are an analyst assessing national costs of mercury abatement. Your staff has estimated the marginal social costs to be MSC = 0.8Q and the marginal abatement cost across polluters to be MPC = 0.65Q, where Q is measured in percent abateme..
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually. Determine the amount in the fund immediately after the 5th deposit
Write an analysis of the amounts of computation and communication for the sequential and pipeline versions and of the speedup.
What is the major strategy for firms on multiproduct pricing? How would a firm producing many products ensure its ultimate goal of maximizing profits?
what is the price elasticity of the demand for tickets
Determine the approximate elongation of the bar caused by the 20-kN axial load.
Calculate the present value of each plan's payments if interest rates are 10%. Should you choose Plan A or Plan B?
Consider a three-type economy like the one described in Section 20.1.3. Assume that θH is 10, θM is 4 and θL is 2.
How might free markets help reduce global poverty? How might they impede that goal?
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