a) What does it mean for a monopolist to perfectly price discriminate? b) What happens to total surplus, consumer surplus, and producer surplus under perfect price discrimination? (a) Define and explain perfect competition, monopoly, and oligopoly. (...
Why would firms accept a lower price if there is a market surplus? Why does marginal cost rise with amount of output? Why should we split microeconomics and macroeconomics? Explore our homework questions and answers library Search Browse
Size does not limit a community in the skills it can develop, the knowledge it can retain, or the technology it can acquire. Nor, as many college towns demonstrate, does size determine the quality of local research or public education. From the vantage point of professional opportunities, ...
Marginal cost does not consider savings in avoided capital investment (fewer replacement diesel generators) or reduced operation and maintenance needs [31]. It is also difficult to make a business case for change when electricity prices are artificially low in the current highly subsidized diesel-...
Not able to find at lower price does not imply that buyers will shift the entire Demand curve to accomodate the sellers. Why can this simplified case be generalized to thousands of participants? Because Price Dispersion, or what traders called the "1 scrap range", has central tendency. It me...
"I maintain that the possessor is paid for his trouble and industry . . . but that he acquires no right to the land. ‘Let the labourer have the fruits of his labour.’ Very good; but I do not understand that property in products carries with it property in raw material. Does the ...
cultural. Employers believe, perhaps quite rightly, that those who have managed to jump through those hoops of fire are more likely to make better workers. And even if the employers are wrong about that, they probably aren't wrong by much and after all: all those college grads do exist!
Without employees the labour-managed firm does not have a wage bill, and labour costs are not counted among the expenses to be extracted from profit, as they are in the capitalist firm." This means that the "economic category of profit does not exist in the labour-managed firm, as it ...
Market structures include perfect competition, monopolistic competition, oligopoly, and monopoly. Which does the government get involved in? Describe the three attributes of monopolistic competition. How is monopolistic competition like monopoly? How is it ...
Why does a tax on a product that has a negative externality help get the market closer to the social optimum? How does the tax change the behavior of the consumer or producer? Why does "government failure" happen? Why is there no economic profit for perfectly competitive firms in th...