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Hello, I'm new to this. If you could help me it would be greatly appreciated.
1. Define “economies of scale”.
2. What is the optimum of
3. Define “economic rent” and identify the market structure that generates the highest economic rent.
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- Good evening please help me with this question from my textbook. Question 1 Indicate whether each of the following statements is True or False. In each case, give a briefthe explanation for your choice. Q.1.4 Free market economies are generally considered to be efficient and fair. Q.1.5 The term economic rent refers to the returns received by the government whenpeople use government land.Let’s say that higher income people have bid up the rent on land in the suburbs, leaving the only low cost homes/land near the city center. Assume the city wishes to limit low income housing via a zoning restriction on something like a minimum lot size. With the appropriate Bid-Rent curves, show the impact of this (before and after).Define “economic rent” and identify the market structure that generates the highest economic rent.
- Should the government regulate the market power of firms why or why not? Make sure you relate the most relevant economic concepts and theory to justify arguments.Which of the following statements regarding the Hotelling rent is current? a. It reflects the opportunity cost of extracting the resource today instead of in the future.b. It is the reason that price is equal to marginal cost in the dynamic efficiency model.c. It reflects market power. d. It is the reason that price is lower than marginal cost in the dynamic efficiency model.3. The length of the workday is 12 hours and the original rate of surplus value is 100%. Suppose the value of labor is reduced to 2/3 of its original value, and the length of the workday is reduced to 10 hours.(1) Is this change in absolute surplus value production or relative surplus value production?(2) What is the rate of surplus value after the change?
- In Economics, property rights refer to a bundle of entitlements defining the owner’s rights, privileges, and limitations for use of the resource or property. Explain how the structure of property rights, based on their three main characteristics, could produce efficient allocations of resources in a well-functioning market economy.What does it mean when you compare allocative efficiency to worker efficiency? What are the significant differences?The table below is an illustration of Pareto efficiency criterion after the implementation of a state income policy in some selected Ministries . Before policy. After policy Ministry A. 400 800 Ministry B. 200 200 Ministry C . 300 300 Total. 900 1300 There is a trade-off between equity and efficiency in a perfectly competitive market system. Analyse with the aid of a diagram how efficiency will not be compromised in government’s welfare program