ECON 1001 – INTRODUCTION TO MICROECONOMICS COURSE OUTLINE 1. Is economics a Science? Discuss 2. Sketch the following graphs: (a) y = x (b) Y= 3x + 1 (c) Y= 10 – 3X (d) Y = 3 3. Identify the 2 curves in question 2 which are positively sloped. Explain. (b) Identify which curve in question 2 is negatively sloped. Explain. (c) Identify which curve in question 2 has zero slope. Explain. 4. What does ceteris paribus mean? Why is the concept useful to economists? 5. Why does the distinction
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A monopoly mainly abuses its power in terms of setting prices that are too high for consumers. Other than anti-consumer behavior‚ a monopoly can also peruse predatory pricing to eliminate existing competition‚ however‚ this does not apply to this research as Systembolaget has the right to be the sole seller of alcoholic beverages. In addition‚ a monopoly can impose vertical restraints where it enforces prices and limitations on
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production of fusion power has given a firm monopoly power in the provision of this good. What is true of the relationship between the price of this resource and the marginal revenue the firm receives? 25-1 (a) The demand curve faced by the firm is the downward-sloping market demand curve‚ so price exceeds marginal revenue at all quantities beyond the first unit produced. 25-3 The following table depicts the daily output‚ price‚ and costs of a monopoly dry cleaner located near the campus of a
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The Theory of the Firm as Governance Structure: From Choice to Contract Oliver E. Williamson Oliver E. Williamson is Edgar F. Kaiser Professor of Business Administration‚ Professor of Economics‚ and Professor of Law at the University of California‚ Berkeley‚ California. His email address is . The helpful advice of Timothy Taylor and Michael Waldman for revising this manuscript is gratefully acknowledged. January 2002 2 The propositions that organization matters and is susceptible to
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market structures. Furthermore‚ this week has helped me in determining profit-maximizing strategies based on market structure analysis. Some of the most interesting things learned were the examples of monopolistically‚ oligopoly and monopoly. Keeping the concepts of Monopoly‚ oligopoly and perfect competition straight has proven to be a real challenge. The amount of information presented is overwhelming at times. I had to step back and reread several sections repeatedly to ensure a clear understanding
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This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 6 through 10. Answer each question clearly and concisely. 1. Suppose that a firm has fixed costs of $25 per day for renting one machine and its variable costs are as shown in the table below. Labour Output VC TC AFC AVC ATC MC 0 0 $ 0 25 ---- ---- ---- ---- 1 4 25 50 6.25 6.25 12.50 25 2 10 50 75 2.50 5.00 7.50 25 3 13 75 100
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Bibliography: [6] See: Correa C. (2006) Implications of bilateral free trade agreements on access to medicines. Bulletin World Health Organization 2006‚ 84(5):399-404. [7] Correa C. (2009). Negotiation of a free trade Agreement European Union-India: Will India accept TRIPS-plus protection? Oxfam Germany and the
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© 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied‚ scanned‚ duplicated‚ forwarded‚ distributed‚ or posted on a website‚ in whole or part. Chapter 4 Standards Battles and Design Dominance © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document
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output is determined in a .............................................................. 9 a) Perfect competitive market ............................................................................................................. 9 b) Monopoly ........................................................................................................................................ 9 c) Monopolistic market .............................................................................
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cost of producing the fifth pizza is a. $16 b. $10. c. $8 d. $6. 3. When firms in an oligopoly successfully collude and do not cheat on a cartel agreement‚ they achieve long-run economic profit similar to: a. perfect competition. b. monopoly. c. monopolistic competition. d. non-colluding oligopolies. 4. The price of a resource with a perfectly inelastic supply‚ a. is pure economic rent. b. consists of only opportunity cost and has no economic rent. c. cannot change. d. is
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