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Q1. Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Q2. Present the case of the importance of institutions in the type and level of entrepreneurship. In your response refer to the works of William Baumol, Peter Blair Henry and Conrad Miller, and Mancur Olson. Define institutions.
Q3. Some scholars say that psychological factors may play a huge role in the reasons why some of us are entrepreneurs, while other scholars seem to disagree (e.g. Scott Shane in The Illusions of Entrepreneurship). Explain.
Q4. Explain the structure of a typical venture capital partnership and how it usually proceeds to invest funds into new companies.
Q5. Robber Barons have often been seen as quasi monopolists who built up huge fortunes on the back of consumers. Do you think the examples of Vanderbilt, Rockefeller, and Hill tend to prove this interpretation of 19th century American capitalism? Can Kirzner's theory help us here? Explain why.
Suppose the demand function is Qxd = 100 - 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-price elasticity of good x with respect to the price of good y?
An engineering company requested that $500000 be spent on software and hardware to improve the efficiency of some control systems.
The cause and effect on how and why there was a government shut down a month ago.
Illustrate what evidence does GI present to support the view that Canada had entered a recession
Assume the Bills have the chance to offer a season ticket that is good for all eight home games, a partial season ticket that is good.
Assume that equilibrium real GDP is 800 billion, potential gdp is 900 billion, the mpc is .80, and the mpi is .40 . What is the size of the GDP gap.
Calculate lim x?0- f'(x) and lim x0+ f'(x). Calculate f''(x), and find any inflection points and the intervals on which f(x) is concave up and concave down.
If sales fall by 20 percent from 1 million papers per month to 800,000 papers per month, what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these cost.
What would the equilibrium price and quantity be? How much profit is made in the industry and by each firm?
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities.
A firm is currently operating where the MC of the last unit produced is $64, and the MR of this unit is $70. Illustrate what would you advise this firm to do.
Draw a graph of a market for a firm in a perfectly competitive industry. Indicate the short run profit maximizing quantity and the profits for the firm.
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