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Which of the following is consistent with the classical view of Say's law? Saving increases by $2 billion and investment decreases by $2 billion.
The demand curve for Mr. McKenna is S=8/P. If the marginal social cost of the project is 10, what is the Lindahl equilibrium quantity of S? What are the Lindahl prices?
Do you believe that such economic principles apply in both private and public organizations? Please defend your answer.
The price of orange soda increases to $2 and Judith's income remains $20, and she still buys exactly 5 root beers. True or False: Root beer is a normal good for Judith.
Draw the typical resident's budget line between "apples" and "all other goods" (measured in dollars). Draw in the optimum point. Label the corresponding quantity of apples A.
The price of good X is $2.00 and the price of good Y is $1.00. Last year, the price of good X was $1.00 and the price of good Y was $2.00. If a consumer has $100, draw their budget line (on the same
Suppose Laurent has $60 per week to spend on food and clothing. The price of food is $4 per unit, and the price of clothing is $6 per unit. Sketch Laurent's budget line on the axes provided.
The economy moves permanently to a higher level of wages and prices. With a fixed exchange rate there is thus no way on keeping wages and prices down". What is wrong with this argument?
What is "dynamic efficiency"? How would you show the development of dynamic efficiency on a competitive firm's cost structure?
Write no more than one page how the hope of profits and the threat of losses work together as incentives toward efficiency. Provide examples from personal experience in profits and losses if possibl
You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Jen
The Acme Paper Company lowers its price of envelopes (1,000 count) from $6 to $5.40. If its sales increase by 20 percent following the price decrease, what is the elasticity coefficient?
Graph the Demand facing your situation. Note that this requires information from the Supply Determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
What level of output should be produced to achieve economic efficiency? What is the value to society of correcting the externality?
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. Wh
calculate elasticity of demand. follow steps find original quantity new quantity average quantity change in quantity percentage change. original price, new price, average price.
The demand for costume jewelry has been estimated to be Q = 100P-2E2, where E is the price of real gem jewelry. Costume jewelry and real gem jewelry are?
The short-run marginal cost curve is: MC(q, K) = 50 . If Spacely receives $250 for every sprocket he produces, what is his profit maximizing output level? Calculate Spacely's profits.
Manufacturers' average annual product of railcars has been more than doubled since the early 2000s, to in excel of 60,000 railcars per year. What would likely happen to the demand for railcars if the
What do you suppose has happened to the demand for string instruments used by performing musicians as a result of the decrease in demand for musicians' services?
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working ultimately alter the male-female wage gap?
Illustrate the principles of absolute and comparative advantage by using two nations in a hypothetical investment scenario. Your response should be at least 200 words in length.
In Russia, as per capita income rises from $1,990 to $2,040, ceteris paribus, annual per capita consumption of vodka rises from 475 liters to 500, what is the income elasticity of demand for vodka
Therefore, he recommends cutting price in order to increase revenue and profit. a) Compute the point price elasticity for mower. Is the marketing chief correct? b) Do you agree or disagree with cutt
Demand for small tractors is given by: P = 20,000 - Q, where P denotes price in dollars and Q is annual sales. Find the firm's profit-maximizing output, price, and annual profit.