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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”.
q1. you have a part-time work-study job at the library that pays 10 per hour 3 hours per day on saturdays and sundays.
You are asked questions about 5 mutually exclusive candidates described as follows (all quantities are in thousands):Candidate 1: Present worth of costs = $1,000; Present worth of benefits = $8,000
Elucidate what would you recommend as a course of action, if any. For the industry you have chosen, discuss how price moves from today to the future.
Illustrate if the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 1300 units to 2200 units.
Suppose your firm produces electricity by burning coal. Currently it buys central Appalachia 12,500 BTU per ton coal at the market price of $52 per ton.
Among different market structures, which one do you believe provides the highest possible return for a new company as well as why.
A small consulting engineering company bought an office building for $900,000. The company has eight engineers and eight support staff. Monthly expenses for for salaries, utilities, grounds maintenance, etc., are $110,000. Use an average billing rate..
When price of gasoline increases significantly, why should the market price of small automobiles (e.g. Mini Cooper, Smart Car, etc.) also increase? In addition to showing the demand-supply graphs, also explain the reasons for any shift in supply and/..
Four students from your economics class are sitting in a local restaurant Talk about the marketplace for coffee.
Explain how much tax revenue does this tax create. Illustrate what proportion of the tax is borne by consumers.
Which of the following models are not generally the best to use when generating short-term forecasts?
Does the coffee marketplace meet all six conditions of a perfectly competitive marketplace.
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