1.Define, discuss, that demonstrates the relationship between
Adam Smith’s Invisible Hand Theory and Perfect Competition?
2. discuss the necessary conditions that must exist in order for
a market to be perfectly competitive.
3. discuss the notion that for a perfectly competitive firm to
maximize profit they must operate at the point where MR=MC which is
the same as P=MC?
4.discuss the difference between the short run shut down point
and the long run going out of business point?
5.discuss when...
1) Define the marginal product of labor. How does it relate to
diminishing returns?
2) Explain why the demand for labor is the price of
output times the marginal product of labor.
3) What does the area below the demand for labor curve and above
the wage rate measure? Why?
4) Describe the motivation for the migration of
labor. In the simple model labor migrates between what two sets of
countries?
5) Identify the winners and losers that result from...
1. Compare the major differences between the decrease returns
world and the increasing returns world.
2. Explain why the rule of increasing returns applies to
e-commerce companies.
3. From the 2nd paper, titled ‘Network Effects aren’t enough’,
please discuss why ‘Growing too fast too early’ is one of major
reasons that network effects are not effective.
Q=60L^2 K^1/2 - 4L^2
K(K bar)=9
After what quantity of labor does diminishing marginal returns
now occur?
What is the maximum output the firm can now produce?
1. compare law of independent assortment and law of
segregation
2. (3 to 1 ratio) where does it come from? what is the
parents genotype to get a 3 to 1 ratio?
3. what happens in deletion, duplication, inversion,
and translocation?
4. if there's a mistake in the DNA and you want to fix
it, what's the order of enzymes that need to be used in order to
cut if off, repair it, seal it off?