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Discuss and explain perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings. Additionally, how does the proliferation of global trade and competition contribute to markets moving more away from market-possessing power to more perfect competition? Lastly, when does marginal social benefit equal marginal social cost and why?
Whre the rest of the world propelled by the requires of developing countries, continued to increase by the historic rate. What would be the US share of total consumption in 2050 in percent.
To what extent were monetary factors responsible for the recession of 1981 and 1982? Provide a full analysis and be specific. Please site references where appropriate.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Explain how do you define social diversity and business ethics. How has a more diversified labor force affected the corporate structure and economy.
Suppose there is an increase in risk aversion by wealth holders in the sense that, other things equal, they want to hold more of their wealth in money (bank deposits) and less in securities.
Assume there are 3-firms with the same individual demand function. This function is Q = 1,000 - 40P. Assume each firm has a different cost function.
Examine present global economic and political policies and their impact on business decisions.
Illustrate what would you expect to happen to the total expenditures on good X.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.
Steady state in a calibration of the US economy in 2000. In this problem, suppose that rate of growth of the work force is n = 0.017 and there is no exogenous technological progress.
Discuss actions the government could take to induce firms in this industry to produce the socially efficient level of output.
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