part 3 and 4 needed NOTE: Each answer in this Section must draw on at least TWO readingsspecified in the module guide and acknowledge these by in-textreferences and bibliography using the Harvard system.1.3.6"If the majority of consumers follow the law of demand, then the marketdemand curve constructed should also follow the law of demand - despitesome particular consumers might act irrationally." Discuss.Evaluate the claim that properly functioning markets, through the equalisationI of marginal values and market costs at equilibrium, achieve the efficiency ofallocating resources.Discuss the role of credible threats in sustaining the collusive agreements ofoligopolistic firms."Private negotiations in the spirit of the Coase Theorem offer a more efficientsolution than the Pigovian Tax to problems of externalities.' Discuss.Compare and contrast the following two theories of the business firm: (a) TeamProduction, and (b) Transaction Cost Economics.Discuss the challenge to neoclassical microeconomics arising from the theoriesof (a) asset specificity, (b) information incompleteness and asymmetry, and (c)contested exchange.

"Since you have asked multiple questions, we will solve the first question for you. If you want any…

NOTE: Each answer in this Section must draw on at least TWO readings specified in the module guide and acknowledge these by in-text references and bibliography using the Harvard system. 1. 2. Evaluate the claim that properly functioning markets, through the equalisation I of marginal values and market costs at equilibrium, achieve the efficiency of allocating resources. 3. 4. 5. "If the majority of consumers follow the law of demand, then the market demand curve constructed should also follow the law of demand - despite some particular consumers might act irrationally." Discuss. 6. Discuss the role of credible threats in sustaining the collusive agreements of oligopolistic firms. "Private negotiations in the spirit of the Coase Theorem offer a more efficient solution than the Pigovian Tax to problems of externalities.' Discuss. Compare and contrast the following two theories of the business firm: (a) Team Production, and (b) Transaction Cost Economics. Discuss the challenge to neoclassical microeconomics arising from the theories of (a) asset specificity, (b) information incompleteness and asymmetry, and (c) contested exchange.

NOTE: Each answer in this Section must draw on at least TWO readings specified in the module guide and acknowledge these by in-text references and bibliography using the Harvard system. 1. 2. Evaluate the claim that properly functioning markets, through the equalisation I of marginal values and market costs at equilibrium, achieve the efficiency of allocating resources. 3. 4. 5. "If the majority of consumers follow the law of demand, then the market demand curve constructed should also follow the law of demand - despite some particular consumers might act irrationally." Discuss. 6. Discuss the role of credible threats in sustaining the collusive agreements of oligopolistic firms. "Private negotiations in the spirit of the Coase Theorem offer a more efficient solution than the Pigovian Tax to problems of externalities.' Discuss. Compare and contrast the following two theories of the business firm: (a) Team Production, and (b) Transaction Cost Economics. Discuss the challenge to neoclassical microeconomics arising from the theories of (a) asset specificity, (b) information incompleteness and asymmetry, and (c) contested exchange.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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