4. What is second degree price discrimination and third degree price discrimination? Explain with examples.

5. Compare the three types of market structure: perfect competition, monopoly and monopolistic competition.

6. Explain Giffen goods and Veblen goods and their similarities and differences in terms of price and income elasticity of demand.

7. Explain the cobweb model.

8. Explain how the elasticity of demand affects the revenue of the seller.

9. Explain the relationship between the marginal cost curve of an individual firm and the short run market supply curve in a perfect competition industry.

10. Explain the relationship between the price elasticity of demand and supply and the incidence of tax of a unit sale tax.

11. Explain the free rider problem and provide examples.

12. Explain externalities and the Pigovian solutions.

13. Explain why oligopoly firms have incentive to form cartel and yet the cartel tends to breakdown.

14. Explain Coase theorem.

15. Explain the kinked demand curve model.

Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise, indicate that there is not enough evidence to show that the relationship is statistically significant.

. The meat packing company gives you the following assumptions: Price of beef=$2; price of pork=$2.50; disposable income=$1,000,000; and population=225. Given this information, use model 1 to complete the following: a. Estimate of beef demand and a 95% confidence interval around this estimate. b. Estimate total revenue c. Estimate the following elasticities: Price elasticity, Cross elasticity (that is, elasticity with respect to Pork price), income elasticity, and population elasticity. d. Should the meat packing company increase or decrease the price of beef? Why or why not?

1. Write your regression equation i.e. demand function
2. Enter data provided into excel or statplus as per instructions attached and run your regression / derive your coefficient estimates

3. A single-price monopolist has the schedules given in the table below.

a. Determine the profit-maximizing level of output, price as well as the amount of profit or loss at this level. Clarify how you obtain the answer.

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b. Compare between the perfect competition and monopoly market structure.

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[Total: 10 marks]

What approach attempts to chart historical price movements of financial instruments to predict future price movements instead of trying to calculate the instrument's fair price? Historical Price Chartist Chartalist Market price

Explain the difference between price-taking and price-setting firms. Give an example of your experience with each. What are characteristics of the four market structures. How a business, thinks of the margin or uses marginal analysis to operate daily, provide  gexamples of what it means to optimize and how optimization problems are prevalent in people's life).

What tools or resources I can used to develop confidence and comfort-ability with estimation, simple linear regression, and/or multiple regression?

Calculate the percent change in the price of stamps for 1983 and today.

Calculate the percent change in the price level for 1983 and today.

What do you think will happen to the real price of stamps between 1973 and 1983? Between 1983 and today? Notice that I am asking for a prediction before you make the computation.

Calculate the real price of stamps.

Are the changes in the real price consistent with your prediction?

What does it mean if the real price falls? Rises? Remains constant?

Question 2

1.with the diagrams differentiate between price ceiling and price floor as government intervention measures to market failure.

Support with references to the next above

2.use Diagram to explain how a so -called black market can develop when the government intervenes in the price mechanism by fixing prices

Use this information to answer the next two questions.

A) Consider the side of the supplier. What is the cost plus profit for a cost reduction of $80,000 if the sharing arrangement is 80/20?

B) What is the cost plus profit if there is a cost over run of $70,000 and the sharing arrangement is 75/25?