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You may use any outside resources in order to complete it. Simply copying answers from any source, including the textbook or notes, will not be greeted with a high grade. Ignoring parts of a question is not an advisable strategy. The exam will be graded for the accuracy and precision of the economic and mathematical arguments and evidence provided. The grading will also incorporate your proper command and usage of the English language.
1. Explain how the producer problem evolved throughout this course. Your answer should include an explanation of the three or four different specifications of the problem itself and brief descriptions of PPFs, cost curves, and revenue functions. You do not need to address the differences between monopoly and perfect competition here (that’s problem 2). Feel free to incorporate graphs, drawings, and diagrams relevant to the problem. Use made up prices and production capabilities if you wish, too.
2. Explain the similarities and differences between the industrial organizations of perfect competition and monopoly. This explanation should start with the different assumptions about them and then segue into the different conclusions reached about pricing, production, profits, and consumer surplus due to those different assumptions. Similarities can also be discussed throughout your response. Graphs would be helpful.
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Report: Economics
Economics
by HAL
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Report: Economics
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Report was generated on Sunday, Jul 15, 2018, 12:20 AM
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Running head: ECONOMICS
1
Economics
[Name]
[School]
ECONOMICS
2
Question 1
The problem of production undoubtedly embodies the most fundamental dimensions of
monetary issues. These combine the relationship between the cost of the goods and the costs of
the profitable parts used to build them. Also, the relationship between the value of things and the
valuable elements, from one angle, and the measures of these products and the profitable factors
being transported or used, on the other.
The isoquants also speak to a basic money-related ponder that of component substitution.
It suggests one variable component may get substituted for others; if all else fails a more extreme
use of one variable element will enable an unaltered measure of respect made with fewer units of
a couple or most of the others. For the situation above, work was without a doubt commensurate
to gold was thus a valid substitute product.
PPFs
A production probability frontier or productivity alignment is the possible combination of
creating mixtures of commodities with consistent innovation and asset per unit of time. The
mixture results from the production of the different goods, thus providing less of them as the
total amount of products has to remain constant since it depends on the global demand (Li,
2015). This tradeoff measure is usually considered to be one of the leading forces in the
economy, but it also applies to every individual, family unit, and financial association.
By graphically adjusting the production set for information amounts, the PPF curve
shows the most extreme output level of an element for each given production level of the other
given t...
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