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Assignment 2 - Essay Example

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Suppose that the firm produces 10 units of output in the long-run equilibrium.
(b) Consider a monopolist producer facing a demand…
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Assignment 2
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Download file to see previous pages Explain why the firms monopoly power gives rise to a deadweight loss and indicate the area, reflecting this deadweight loss in your diagram.
Monopoly creates deadweight loss because the price of the monopoly is above than its marginal cost and the output produced is too small as they restrict the production below than the quantity that is efficient for society (Hirschey, 2008).
The United Nations Development Programme (UNDP) brought the concept of Human Development Index (HDI). This concept is significant because it combines 3 of the essential indicators: An expected time to live as calculated on the basis of statistical probabilities at birth, attainment of education and income (Dawson, Hatt, & Linda, 2001). It was 1st published in 1990; regardless of that the index was calculated again for the past years, since 1975. Now the HDI has turn into a global reference. Basically it is a systematic approach to evaluate what the individuals of a specific country can do and how much they are able to be (Dawson, Hatt, & Linda, 2001).
In the index number all of the 3 elements i.e. health, income and attainment of education is weighted equally. For each element, the outcome of the nation is rated on a scale range from 0 to 1, in which the ends of the scope is defined by the highest and lowest data for other nations (Dawson, Hatt, & Linda, 2001). The index number for health is measured from expectation of life at birth. As life expectancy is sensitive to newborn and child mortalities, these counts on extensive access to healthcare and nutrition, it is very much sensitive to social and economic lack of equality (Dawson, Hatt, & Linda, 2001).
Education is important for determining the choices available to peoples. It is a key determinant of social and economic mobility. The index of education is computed as one-third rates of enrolment and two-thirds rates of adult literacy, makes it sensitive to both future attainment of education and educational difference. ...Download file to see next pagesRead More
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