economics homework

economics homework - Econ 1101 Principles of Microeconomics...

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Econ 1101 – Principles of Microeconomics Due Date: November 06 ( 11/06/08) Student Name: _____________________________ Homework 4 Late submissions will not be accepted. Homework must be typed. For full credit label all graphs, and show your work wherever required. Be succinct on your answers. All questions are worth the same. Homework is for 100pts. 1. Answer the following items: a. List the 4 characteristics that define a perfectly competitive market 1. Many buyers (consumers) and sellers (firms) 2. Homogenous Products 3. Free entry and exit 4. Perfect information b. Read the article Business in eastern Europe - Economist Sep 11th 2008.pdf (link to economist.com article , you may answer this question by only reading the third paragraph). To which of the listed characteristics above does it relate to? Explain your reasoning (if you list more then one give explanation for each). It relates to 3. Free Entry/Exit. …Setting up a company in Indonesia costs 77.9% of the average  annual income per person… The article talks about how reforms on eastern Europe are promising of economic development: Doing Business 2009”, (…) comes to a surprising conclusion: it  is now easier to do business in eastern Europe than in East Asia .” c. Read the article wiring_rural_america_The_Economist_070915.pdf (link to economist.com article , you may answer this question by only reading the first paragraph). To each of the listed characteristics above does it relate to? Explain your reasoning (if you list more then one give explanation for each). It relates to 4. Perfect information
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This note was uploaded on 01/20/2012 for the course ACCT 407 taught by Professor Price during the Spring '11 term at Jones Intl..

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economics homework - Econ 1101 Principles of Microeconomics...

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