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Problem 1:
(a) Differentiate between positive and negative externalities? Justify your answer using examples.
(b) To what extent do government policies influence externality?
Problem 2:
(a) Explain how in economic theory a perfectly competitive firm determines price and output in the long run.
(b) ‘A monopolist is inefficient as compared to a perfectly competitive firm'. Discuss.
You are a commuter student at a local university. Because of the steep rise in gasoline prices, your parents decide to give you enough additional weekly cash so that you can affor
Using the Wage Rate and Output per Hour as indicated on the table below, calculate the output per dollar wage and unit labor cost. Then decide on the optimal wage rate for this c
How might a firm in an oligopolistic market attempt to increase market share? Explanation of oligopoly; concentration ratio, producer sovereignty Explanation that oligopolie
FOREIGN EXCHANGE MARKETS: A foreign exchange market (sometimes informally called the forex market, or denoted FEM) is a market in which different currencies are bought and sol
total revenue
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Institutionalist Economics: A school of heterodox economicsthat emphasizes importance of institutional development and evolution (as opposed to ‘pure' market forces) in explaining
Data were taken with a Data Acquisition System (DAQ) and stored in the data file 'data.txt'. 'data.txt' is a text file with 3 columns containing the following data: Column 1: Ti
How might one assess if a country in experiencing both growth and development? This is a matter of explaining clearly both growth and development; growth is an enhance in GDP (
Price Elasticity of Demand is explained below: Price elasticity of demand/require is the percentage change in the quantity demanded with respect to the percentage change in the
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