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a.In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets.
b.Cite as many examples as you can of these types of businesses.
c.Explain why the profits of such firms tend to increase when there is an excess supply of the inputs they use in their production process.
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
What is the maximum quantity of quarks it can produce and what is the opportunity cost of producing the first 600 quarks?
Find Livia's best affordable bundle of tea and coffee. How does the equilibrium condition differ from the condition we derived in lecture for the "typical" case? How much could the price of a cup of coffee risewithout harming her standard of livin..
At what level of L does the average product reach its maximum and does the total product curve have a region of increasing marginal returns?
Governments have several means available to guide and influence competition in the marketplace. These means include government ownership of firms and industrial policy.
If technology advances so that computers become more useful to the firm.what happens to the marginal product of the two types of workers.
Who has a comparative advantage in producing wine and who has a comparative advantage in producing schnitzel?
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
Determine to the extent possible the relative market shares of these firms. Discuss the degree of concentration in the industry using CR4, other n-firm concentration ratios, H-H indices, etc.
Analyze the makeup and policies of the European Union and determine if all countries have benefited from their membership (larger vs. smaller countries)
Discuss on relationships between production and cost, highlighting the equivalence between diminishing marginal productivity and increasing marginal costs.
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