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Welfare Analysis
1-Of the following four institutions for allocating apartment to different people at different prices
i. The competitive market
ii. A discriminating monopolist
iii. An ordinary monopolist
iv. Rent control
a. Which one of the above four institutions are best and why? (In answering this question you need to define what is socially "good". This is not easy. Your primary guidance is your gut feelings however before you express your feelings to others you need to rationalize them and make them defensible. Pareto optimality is often used by a number of economists to discern various social states. )
b. Can you think of a situation where your answer in (a) is no longer your preferred institution?
c. Are your answers in (a) and (b) objective and value free? Explain.
2- Consider a society in which a few people have everything and a great many of them have virtually nothing something like slavery, evaluate this society in terms of Pareto efficiency.
What is the difference between wages and salaries
Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo
.
who is a rational producer?
a firm has fixed costs of $60 and variable costs as indicated at the bottom of this page. complete the table and check your calculations
1. Consider the consumption decisions of R.B. Turbo, a new student at Teachers College, Columbia University. Ms. Turbo has only available $1,000 in monthly income to spend on food
Non-Accelerating-Inflation Rate of Unemployment (NAIRU): This theory is a variant of neoclassical natural rate of unemployment. As in original natural rate theory, NAIRU advocates
A MANUFACTURING UNIT IS INTERESTED IN DEVELOPING A BENEFIT SEGMENTATION OF THE CAMERA MARKET. SUGGEST SOME MAJOR BENEFIT SEGMENT WITH MARKET TARGETING STRATEGIES?
what is money? functions
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
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