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What do you mean by Kuznet's hypothesis? Write down its implications for developing economy? Describe Leontief paradox in detail.
Illustrate that exponents of Cobb-Douglas production function are the measure of factor share in output as well as elasticity of output with respect to factor.
"Validity of Marshall's equi marginal service depends on supposition of unitary elasticity of marginal utility curves of commodities under budget."
Describe single –payment compound amount method. Explain single payment present worth factor.
Describe the concept of break even analysis with suitable diagram?
Use the following information on the variables in the open economy aggregate expenditure model:
Determine the new short-run equilibrium values of the P and Y in year 1?
Draw the latest isocost line related to this new cost in the similar graph as in part (b) and clearly label the intercepts.
Graph the production possibilities frontier of the economies of Canadian and South Korean.
You wished to accomplish full employment at the highest possible wage.
If investment tax credits granted earlier are either repealed or removed, what impact will the repeal have on the exporting of jobs to foreign countries? Describe by using isoquant or icocost theory
Describe the given statement: In a competitive market the least-cost production methods are revealed by entry and exit, whereas in public utility regulation they are revealed through commission rate
In the interest of conservation it has frequently been argued that there should be government regulation of the extraction of natural resources like timber and government regulation to protect the
The arc cross-price elasticity of the demand for rye bread.
Furthermore, airlines charge lower fares to those who book seats well ahead of time than those who wait till the last minute. Are these all illustrations of price discrimination?
Evidence of sex discrimination lies in the fact that median annual earnings of women are just 59 % of male earnings.
Describe the affect that transferable property rights versus non-transferable property rights, includes on the individual decision making.
Describe why a monopolist will never set a price (and produce the subsequent output) at which the demand is price-inelastic.
Why might the existing firms in a cartelized industry favor to be regulated by the government?
Assume that Florida migrant farm workers are efficiently unionized. What will be the impact of the unionization on:
After the cartel is operating, are there incentives for individual firms to cheat? Explain why?
Suppose that an industrial union’s primary purpose is to increase the wages of its members above the competitive level.
What will occur to the equilibrium output and price of coal and explain why?
Since a monopolist is the only supplier of a well-defined product, there is no limit to the price it might charge. Is this statement true-false?
Describe the law of diminishing returns. Then describe why you agree or disagree with the given statements.