social welfare function
What do you mean by a social welfare function? If you assume that such a function exists, what properties of social optima would be considered by you? Discuss such properties.
In illustrated graph below, supply is mostly perfectly price inelastic at: (i) point a. (ii) point b. (iii) point c. (iv) point d. Q : Occurrence of socially optimal The socially optimal production of penicillin arises while quantity: (a) Q1 is produced and sold at price P1. (b) Q1 is produced and sold at price P3. (c) Q2 is produced and sold at price P2<
The socially optimal production of penicillin arises while quantity: (a) Q1 is produced and sold at price P1. (b) Q1 is produced and sold at price P3. (c) Q2 is produced and sold at price P2<
Siberian Software vends custom programs to the multinational corporations. Its programs are coded in a remote region. In equilibrium, the Siberian’s programmers produce a marginal revenue product equivalent to around: (i) $21 per hour. (ii) $25 per hour. (iii) $
Predictable results of unexpected development of demand for a competitively produced good comprise increases and in that case gradual decreases in the: (w) price of the good and the profits of producers. (x) consumer surplus derived from the good. (y)
Economic rents which can be capitalized are least possible to arise by: (1) production cost advantages. (2) proprietary knowledge. (3) being first to market a differentiable new product or to innovate a new production technology. (4) a vigorously comp
What are the three basic shapes of yield curves in the marketplace?
Suppose that the total cost curve for a monopolist is provided by TC = 3y2 + 800 and its marginal cost curve is given as MC = 6y. Also assume it faces a market demand curve of py = 280 - 4y and marginal revenue curve of MR = 280 – 8y.
The purely competitive model means that competition in both output and resource markets yields a distribution of income that is proportional to the: (w) numbers of people in specific households. (x) effort and leisure sacrificed throu
The ratio of the percentage change within the quantity of beef sold over the percentage change within the price of pork is: (1) price elasticity of demand for beef. (2) price elasticity of demand for pork. (3) income elasticity of dem
What demand curve illustrates?
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