Foundations of Economics
1. Microeconomics– Producer theory
(Answer both parts together in an essay format)
Part A) Describe what happens in the short run and in the long run to a perfectly competitive firm
when new lower cost technologies are introduced. (Assume that this lower technology costs are
equivalent to a reduction in fixed costs).
Part B) “In the long run the degree of competition in a market does not matter because
technological progress reduces production costs so that consumers always benefit”. To what
extent do you agree/disagree?
2. Macroeconomics
Compare Neoclassical and Keynesian macroeconomics theories. What are the main
features of each system? Explain their contrasting views regarding key topics covered throughout the term.
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