1. Why does pure competition provide consumers with the largest consumer and producer surpluses?
2. Describe the graph for a long-run supply curve in a decreasing-cost industry.

There is a small lake in the rain forest that is home of large fish stocks. Only one tribe has access to that. Explain the determiation of optimal level of catch. Would there be a difference if all of the tribes had an access to that? Explain your answer. Could this situation be resolved through property rights and a Coasian bargaining process? Explain your answer.

economics International trade, Domestic Market Supply and Demand Topics: To examine the international trade (exports and imports) and/or the domestic market of a product or a commodity for a specific period in time and region. Your essay must identify the key economies relevant to the product as well as how production or processing of this product has helped or hurt these key economies. Your essay should also include properly cited data and evidence from peer-reviewed sources to support your claims. on Milk

.1. What is the distinguish between the terms decentralization and local governance? Why are

    there demands for decentralization in Ghana? Provide empirical evidence to support your points

1. Did you experience shirking in a team at school or at work?

2. Describe the situation. How did the situation resolve?

3. In your opinion, what measures may help reduce or prevent shirking in the first place?

Consider a one period economy in which the representative consumer has preferences over leisure (l) and consumption (c) described by the utility function

u(c, l) = c0.5l0.5

This consumer has 1 unit of time h to spend between leisure, l, and labor supply, Ns. The representative firm’s production function is Y = zNd where Nd is labor demand and z = 2 is total factor productivity. The government buys one unit of consumption good, meaning that, G = 1.

1. (a) Explain what an indifference curve is. Does the consumer prefer allocation c = 4 and l = 0.25 to the allocation c = 5 and l = 0.2? Explain.

2. (b) Find the Production possibility frontier (PPF) equation.

3. (c) From the firm’s maximization problem, find the consumer’s real wage and firm’s profits.

4. (d) Explain why it is possible to determine the competitive equilibrium of the present economy by obtaining the social planner’s solution?

5. (e) What are the conditions characterizing the social planner’s solution?

6. (f) Show that the competitive equilibrium of this economy is c∗ = 0.5 and l∗ = 0.25.

Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a ​$200 000 loan. Option​ 1: a​ 30-year loan at an APR of 7.5​%. Option​ 2: a​ 15-year loan at an APR of 7​%. Find the monthly payment for each option. The monthly payment for option 1 is ​$ nothing. The monthly payment for option 2 is ​$ ___. ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) Find the total amount paid for each option. The total payment for option 1 is ​$ ____. The total payment for option 2 is ​$ ____. ​(Use the answers from the previous step to find this answer. Round to the nearest cent as​ needed.)

Compare the two options. Which appears to be the better​ option? A. Option 2 is the better​ option, but only if the borrower can afford the higher monthly payments over the entire term of the loan. B. Option 2 will always be the better option C. Option 1 will always be the better option. D. Option 1 is the better​ option, but only if the borrower plans to stay in the same home for the entire term of the loan. Click to select your answer(s).

Economic Issues Confronting Our Economy. What are the fundamental economic issues confronting our economy? Please provide examples

What is Phillip Curve? How to derive from AS - AD model? In what circumstances, PC will move right or left? What are the different views of Phillips Curve between classical economic and Keynesian economics? Why ?

What is elasticity? What is price elasticity of demand? What is price elasticity of supply?

The price of the typical MP3 player (such as the iPod) has been going down in the past 10 years. What could explain this consistent drop in the price of MP3 players? Use the model for the long-run competitive firm to illustrate your answer (hint: you need two diagrams here: one showing the LAC for the typical firm, and another showing the long -run supply curve for the industry.)

Mark runs a small boat factory. He can make ten boats per year and sell them each at 50,000 each. It cost Mark 275,000 for the raw materials to build the ten boats. Mark has invested 500,000 dollars in the boat factory building. (200,000 from saving and 300,000 from small business loans at an annual rate of 5 percent=he just refinanced his business loan). Mark can work at a competing factory working on boats for an annual salary of 80,000 per year.

10a. What is the total revenue Mark can earn in year 1?

10b. What is the value of Mark's accounting profit and Joe's economic profit?

10c. Is it truly profitable for Mark to operate his boat factory? Explain.

9a. Name three ways in which the Antitrust laws make markets behave more competitively.

9b. What is the difference between Section 1 and Section 2 of the Sherman Antitrust Act, discuss and define?

9c. Explain what the Herfindahl- Hirschman index is, and how it is used by the Department of Justice to decide which mergers to challenge.