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1) Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping?
2) Professors, lawyers and doctors receive similar amounts of education, why are professors paid less than lawyers and doctors?
3) Why do we say that a monopoly is inefficient?
4) Why are some of the products, such as gasoline, taxed more heavily than other goods such as food? Explain your answer in terms of externalities.
5) How can patent encourage invention?
Explain the following practice/policy in terms of externalities.
(i) Charitable donation over HK$100 is tax deductible in Hong Kong.
(ii) Government increases the penalty for the drivers who run the “red light”.
Suppose an economy has no imports and no income taxes. Its marginal propensity to consume (MPC) is $0.75, and its real GDP level is $250 billion. Businesses increase their investment by $10 billion. Calculate the multiplier and the change in GDP.
After set up there is a marginal cost of $ 4 for each CD. Set up the total, average and marginal revenue functions for GDM. Write out the company TM s total average and marginal cost functions.
part a instructions for the case study you can google and find all the information needed.read the discussion case the
In this assignment you will be asked to review the final chapter of Terris' text book and to spend some time applying your critical thinking skills in evaluating Lockheed Martin's efforts.
Suppose that the oil refining industry releases one unit of waste into the atmosphere for each unit of refined product. Find the equilibrium price and quantity. Suppose the government imposes a corrective tax of T per unit of unit of emission. How la..
Elucidate the aggregate expenditure function graphically, labeling your graph with the appropriate numerical values.
The natural environment poses a problem for economic theory. Even if we accept, for the sake of argument, that the free market serves employer and employee, buyer and seller, equally, the environment may be harmed by market transactions.
According to the political business cycle theory, if the Fed wanted to see a President re-elected, prior to the election it might.
Answer this question based on the payoff matrix above for a duopoly in which the numbers indicate the profit from following either an international strategy or a national strategy. Refer to the above table. If firm A chooses an international strategy..
Using a market or industry as an example, explain how the Prisoners' Dilemma game helps explain observed (real-world) behavior among oligopolistic firms.
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
A practice would like to allocate their resources optimally between the orthopedic and rheumatology departments. The revenues per case generated by orthopedics and by rheumatology are $2,000 and $1,000, respectively.
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