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Some set N of bidders in an auction of one object, which the seller of the object can deliver at 0 cost.
What is the price of an asset paying (1,1,1) which means 1 after 1 period, 1 after 2 periods, and 1 after 3 periods.
Determine the steady-state value of capital-labor ratio.
What does it signify for a market to be perfectly competitive? What are the three conditions of perfect competition? What does it signify for firms to be ‘price takers’?
Please define or explain the following terms. A complete answer will include a graph, equation, and/or example as part of each definition.
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.