Regional economics mid-term exam | Economics homework help

PART A: Answer
any 5 of the questions A.1 – A.7. Do not answer additional
questions. This part is worth 15% of the exam.
Briefly
define
and give a specific
example
of:
A.1.
Perfect competition
A.2.
Monopoly
A.3.
Monopolistic competition
A.4.
NAICS Code
A.5.
Location Quotients
A.6.
An inverse matrix
A.7.
Price discrimination
PART B: Answer
each
of the questions B.1 – B.3. This part is worth 30% of the
exam.
B.1.
Why is “1” a critical value in terms of Location Quotients? If the Location
Quotient of some industry is greater than one, what does this mean for the area
whose Location Quotient this is?
B.2.
Why do all suppliers want to price discriminate?

B.3.
Why don’t all suppliers price discriminate?
PART C: Answer
only 1
of the questions C.1 – C.2. Do not answer additional
questions. This part is worth 55% of the exam.
C.1.
Outline the structure of an input-output model (including assumptions about
supply and demand). What is an inverse matrix? Why is inverting a matrix
significant in terms of input-output analysis?
C.2.
Describe a Linear Programming (LP) Problem. Specifically, describe (you can
use an example):

Primal Linear Programming Problem

Dual Linear Programming Problem

Interpretation of the Primal Linear Programming Problem

Interpretation of the Dual Linear Programming Problem

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