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1. Explain how the forces of supply and demand bring about equilibrium in a competitive market and maximise welfare.
2. Consumer surplus is a good measure of economic well-being. However in some circumstances, policy makers choose to disregard consumer surplus. Explain what those circumstances may be and illustrate with at least two examples.
3. Give three arguments for restricting free trade. Do you think they are justified? Explain why you think they may be justified.
4. What are positive externalities in production and consumption? Why are market outcomes inefficient in the presence of externalities?
5. National defence is seen as a public good. Why? Is free to air TV a public good? Explain your answer to the TV question briefly but covering the main points.
Note to all students: The above topics have been chosen to allow you to study the topics comprehensively. The exam questions will be more specific and will require you to give a short answer - eg one paragraph of maybe not more than 100 words.
Suppose that there are 3 firms in the market. What is the short run equilibrium price in the market
Ralph gets his paycheck from Shakes n’ Burgers Restaurant, his employer, and attempts to deposit it in his account at Town Bank. Uri, the bank’s teller, notices that on the check the amount stated in words is different from the amount stated in nume..
Suppose two types of consumers buy suits. Consumers of type A will pay $100 for a coat and $50 for pants. Consumers of type B will pay $75 for a coat and $75 for pants. The firm selling suits faces no competition and has a marginal cost of zero.
Compute the short run total product, average product of labor and marginal product of labor for all numbers of L between 0 and 7.
In a complex assembly operation, it is found that the learning curve rate is 70%. The standard time of 3 minutes per assembly is reached after the 110th unit. Find i. The time required for the very first unit.
Phoebe is trying new diet. She gets 35 grams of fat a week to "spend" on her two favorite foods, French fries and Ice cream. A serving of French fries contains 3 grams of fat and a serving of Ice cream contains 2 gram of fat.
a government report traces the economys stagnation in the last fifteen months to massive declines in spending on
The market share of a monopoly is:
Create a tracking portfolio to capture this gain. Explain what your tracking portfolio is made up of. Explain how you use it to make a profit. Be specific.
Should higher education be classified as a natural monopoly in these European countries? Explain and justify your answer and use appropriate examples to support your conclusions.
Evaluate the article and the source of the article. Based on the information, determine where the economy fits in the business cycle.
The dynamic laws of demand and supply tell us that: Excess demand leads to a tendency of prices to fall or decrease.
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