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Assume that the medical screening industry is perfectly competitive. Consider a typical firm that is making short-run losses. Suppose the medical screening industry runs an effective advertising campaign which convinces a large number of people that yearly CT scans are critical for good health. How will this affect a typical firm that remains in the industry?
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals.
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
Calculate the new consumer and producer surpluses after thetas has been applied and compute teetotal amount of revenue collected with the tax, and the deadweight loss created by the tax
To prevent gasoline values from having devastating effects on economy it has been proposed that all gasoline values in U.S. be fixed at the average value for the past 2-years.
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
A small open economy produces two goods: Manufacturing (m) and Agriculture (a). Production of manufacturing uses capital (K) and labor (L) while production of agriculture uses land (T) and labor (L), i.e. capital is a factor of production specific..
Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
Imagine that you are the manager of a gas station and your goal is to maximize profits. According to your past experience, the elasticity of demand by Texans for a car wash is -4,
Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
A monopolist that practices perfect price discrimination will choose an output level where marginal revenue is equal to marginal cost to maximise profit.
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