CHAPTER 9—PERFECT COMPETITION HOME WORK 1. Market structure is determined by the a. volume of discounts‚ the quantity of foreign exchange‚ and the effects of Federal Reserve policy b. influence of government policy‚ the number of qualified buyers‚ and the effect of generally accepted accounting principles c. number of buyers and sellers‚ whether the product is standardized‚ whether there is free entry and exit‚ and how well informed the buyers and sellers are about the market d.
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downward shift of the entire aggregate demand schedule). What is the effect on output? What government policy response would you recommend? AA2 AA1 A permanent fall in private aggregate demand (downward shift of the aggregate demand schedule) DD curve shifts to the left from DD1 to DD2 Given a permanent fall in private aggregate demand‚ people expect a fall in the relative demand for domestic output → expect a real depreciation of domestic goods → a higher expected future exchange rate Ee will
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Chapter 3 Basic Elements of Supply and Demand Volatile markets Like the weather‚ markets are always changing‚ dynamic‚ unpredictable. As with the weather‚ careful study of markets also shows certain forces and patterns underneath the daily random movements. The essential tool for understanding the movement of prices and outputs in individual markets is called the analysis of supply and demand. Gasoline Prices Move with Demand and Supply Changes T-15 Figure 3-1 Source: U
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Graphical analysis assignment. NAME: COURSE: INSTITUTION: INSTRUCTOR: DATE: The given graph shows a shift of the demand curve to the right. This is an increase in demand. This change results due to influencing factors other than prices such as an increase of number of consumers and a positive change in terms of consumer taste and preference. A good example is DVD’s. In this case‚ let our original price of DVD’s be 40 and our original quantity demanded of DVD’s be 20. At a price of 50 a shift to
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open plane curve formed by the intersection of a cone with a plane parallel to its side Hyperbola: a symmetrical open curve formed by the intersection of a circular cone with a plane at a smaller angle with its axis thanDefintions Circle: a round plane figure that the circumference consists of points iuuuuequal distance from the center Parabola: a symmetrical open plane curve formed by the intersection of a cone with a plane parallel to its side Hyperbola: a symmetrical open curve formed by
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of labor or other variable resource. Demand curve for labor A curve showing the different quantities of labor employers are willing to [hire] at [different] wage rates in a given time period‚ ceteris paribus. It is equal to the marginal revenue product of labor. Derived demand The demand for labor and other factors of production that depends on the [consumer] demand for the final goods and services the factors produce. Supply curve of labor A curve showing the different quantities of labor [workers]
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in Part A carries 1 mark & each Question in Part B carries 10 marks 4. All Questions to be answered in the Question Booklet 1. In the diagram above‚ d and MR represent‚ respectively‚ the demand curve and the marginal revenue curve of an oligopolist. The kink in the demand curve means that the firm will a. match any price increase above P1‚ but will not match any price decrease below P1. b. not match any price increase above P1‚ but will match any price decrease below P1. c. match
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Three persons deserve special recognition. D.N. Lawley of the University of Edinburgh published a paper in 1943 showing that many of the constructs of classical test theory could be expressed in terms of parameters of the item characteristic curve. This paper marks the beginning of item response theory as a measurement theory. The work of Dr. F.M. Lord of the Educational Testing Service has been the driving force behind both the development of the theory and its application for the past 50
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Demecology – the ecology of populations The main idea: Note how mathematical models are used to examine variation in growth of a population. Lecture outline: 1. Statistic and dynamic characteristics of population. 2. Growth curves patterns: J-shaped curve and S-shaped curve 3. Population regulation: Density-dependent and density-independent factors. 4. Human population patterns: - Population numbers. - Demographic transition and structure - Population urbanization 1.
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Part 1: Suppose that the tin mining market is perfectly competitive. The market demand curve is given by D(P) = 300 – P‚ where D is measured in units per year‚ and P is measured in $ per units. There are many potential entrants into this market‚ all of whom have identical cost curves. These cost curves are summarized in Table 1 below: Table 1 Cost Curve Formula Maginal cost (in $ per unit) MC = 30. Fixed cost per year FC = 100. (Annualized) Capital charge CC = 100. Capacity (in units per year)
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