Economics Essays
19 Essays on Microeconomics
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Explain what supply and demand curves indicate. Show how they can be used to reveal how a market clears. Using diagrams, show also what might happen to prices and quantities for a normal good if, over several periods of time, there are steady increases in income per head and in technical progress.
Explain the proposition that asymmetric information can lead to complete market unravelling.
Explain the theoretic rationale for the NPV approach to investment appraisal and compare the strengths and weaknesses of the NPV approach to two other commonly used approaches.
Set out the distinctive features of the perfectly competitive model of the market for goods and services? What are the implications for a business strategy aimed at enhancing profitability?
Technical Efficiency
Explain why a firm may not be able to achieve technical efficiency through maximising the productivity of labour.
Does income tax provide a disincentive to work effort?
“Rational decision taking in those areas where life is at risk (such as safety investment to reduce physical risk in transport and health care) requires a value to be placed on life.” Explain why you agree or disagree with this statement.
Advise on the changes in citizens’ welfare caused by the increase in university fees, considering the resultant partial switch from public to private funding of university education.
Economic Analysis of the firm: “Price discrimination can be beneficial to both consumers and producers.” Discuss.
“Evaluate the various methods that a firm can use to estimate its cost of equity, discussing advantages and disadvantages of each. Why is it important to estimate the cost of equity as accurately as possible?”
WHAT IS THE CIRCULAR FLOW OF INCOME? EXPLAIN AND ILLUSTRATE UNDER WHAT CONDITIONS THE FLOW WILL EXPAND OR CONTRACT AND THE CONCEQUENCES FOR INCOME AND THE PRICE LEVEL. MAKE CLEAR ANY ASSUPTIONS YOU MAKE.
“In oligopoly markets price and output decisions are indeterminate.” Explain and discuss.
What implication does the permanent income hypothesis of consumption have for the value of the multiplier in the short- and long-run?
ECONOMICS COURSEWORK: Q. Show what would happen in a market if the government placed a tax on a normal good. Who would bear the burden of the tax, and how would the burden be reflected in supply and demand conditions? Explain why there is a tendency for taxes to have social costs, and why, even so, they may still be justifiable.
Outline and evaluate the different devices that a monopolist can use to extract extra surplus from consumers when consumer type is not directly observable.
Outline the economic argument against monopoly. Is there anything, which can be said in favour of firms that have monopoly power?
“It is often argued that monopolies are not in the public interest.”
(a) How do the price charged by a monopolist and output produced differ from the price and output of a competitive firm? Explain your answer. (20)
(b) Economists have argued that monopoly leads to economic inefficiency. What qualifications would you make to this argument? (30)
IDENTIFY FOUR MAJOR SOURCES OF MARKET FAILURE
Sample:
WHAT IS THE CIRCULAR FLOW OF INCOME? EXPLAIN AND ILLUSTRATE UNDER WHAT CONDITIONS THE FLOW WILL EXPAND OR CONTRACT AND THE CONCEQUENCES FOR INCOME AND THE PRICE LEVEL. MAKE CLEAR ANY ASSUPTIONS YOU MAKE.
The purpose of this essay is to explain what the circular flow of income is and show the several conditions, under which the flow will expand or contract. Furthermore, via examples and diagrams, we are going to illustrate the consequences for income and price level. The circular flow of income is very useful as a model for understanding the working of an economy. It shows how national income can increase or decrease because of changes in the various flows.
In order to explain the circular flow of income, we have to deal with two kinds of variables: stock variables and flow variables. Stock variables are measured at a particular point in time whereas flow variables are measured over a period. A prime example of stock concepts is wealth, which consists of the resources that help to satisfy human wants and it includes everything that is valued by a society. These resources are often referred to as factors of production and they are usually classified as follows:
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Land, which consists of the natural resources provided free by nature,
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Capital, which consists of the means of production that have been made by people and
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Labour, which consists of human resources....
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