Project #66884 - Political Economy

Answer the folliwing questions (300 words max each):

 

-In neoclassical economics the firm is assumed to choose its profit-maximizing level of output based on the costs and the demand it faces. What is wrong with these assumptions, according to Hayek?

- Explain how the presence of increasing returns to scale in production both supports and challenges Adam Smith’s argument concerning the social virtues of competitive, individual profit-seeking.

 

I need this in 1 hour

 

Subject Business
Due By (Pacific Time) 04/15/2015 05:00 pm
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