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The Bandwagon Effect
- This is desire to be in style, to have a commodity because almost everyone else has it, or to indulge in it.
- This is major objective of marketing and advertising campaigns (such as toys, clothing). Positive Network Externality: Bandwagon Effect
what is microeconomics
Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption
Second degree price discrimination (two part-tariff) An electric utility in Ontario has the following cost structure: TC = 500 + 20Q Suppose that the market (inverse o
The Free Enterprise: Price System The free market system is where the decision about what is produced is the outcome of millions of separate individual decisions made by cons
yt =a+fyt-1 +ut, ut =et +?et-1, where et is independent white noise assume the process is stationary. Will OLS generally provide you with consis- tent point estimates of f? Can y
Modem theories of trade
A monopolist faces the following demand function for its product: Q = 45 - 5P The fixed costs of the monopolist are $12 and the variable costs are $5 per unit. a) What are the
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
Balance of Payments and Developing Economies: It is well-known in development economics that UDCs invariably start as debtor economies. In the process of development itself, t
A Period of Deterioration: The entire period was very difficult for India's BOP, partly because of slow growth of exports in relation to import requirements and partly because
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