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Question 1:
Arrange the following four kinds of market on a continuum where one end will have perfectly competitive market and another extreme is monopoly. Plot these four markets on a continuum either from perfect competition to monopoly or from monopoly to perfect competition (be careful in indicating two other kinds of markets i.e., monopolistic competition and oligopoly). Now please comment whether and why market power in the hands of sellers is increasing or decreasing along the continuum.
Question 2:
Discuss situations involving binding price ceiling and price floor. You can pick your examples from housing industry, health care industry, or from any other industry.
What is the Marginal Cost of producing the 21st unit? (Hint: Begin by calculating TC at 20 and at 21.) Round your answer to the nearest whole number
A sum of $16,000per year will be received uniformly over a five-year period beginning two years from today. What is the present value of this deferred- funds flow if interested is compounded continuously at a normal rate of 9%.
In criminology, Is there a correlation between economic crisis in America and the justice program spending by the government? Critical theorists state that when the economy turns downward, government funding for justice programs (prison construction)..
Suppose that two countries, initially in autarky, decide to create a single market. For simplicity, assume that in both economies there is only one product. Demand for this product is given by D(i) = S(i) (a – p(i)) (for i = 1, 2), where S(i) is a me..
Consider now an economy where you need to search for a job. Let b be the fraction of people that do not have a job and are searching for one. Write the equations describing the dynamics of those employed (E) and those who are not employed (NE). Compu..
Explain how a decrease in a tax rate might decrease revenue from the tax in the short run but increase the tax revenue in the long run. Give an example of a tax that might have this property. Explain.
Identify the strategic objectives of the entire organization and the secondary objectives for your unit. Then develop three specific objectives within each of the four perspectives for the unit. Each objective should have at least one quantified targ..
The annual operating costs increase by 15% each year as the machines age. If the interest rate is 8%, what is the net present cost for the Quik-Skwish machine?
Suppose every member of Congress genuinely believes that government expenditures are excessive and ought to be reduced by at least 10 percent. Why would this not be sufficient to assure a 10 percent reduction?
Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.
For the last several years, production, demand and prices have been stable. Last year the quantity of potatoes transacted in the United States was 450 million cwt (cwt is agriculture speak for 100 pounds), and prices were $8MM per million cwt. Econom..
A particular economy has consumption of$400 million, a government deficit of $100 million, taxes of $250 million, and income of $800 million. Which of the following statements must be true?
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