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Discuss the sticky-wage model of aggregate supply, carefully identifying any assumptions made. How well does the sticky-wage model explain the observed behaviour of real wages over the business cycle?
Who has the absolute advantage at producing Cigar and who has the comparative advantage at Bourbon and who is specializing in Bourbon according to Comparative Advantage now?
Pham can work as many or as few hours as she wants at the college bookstore for $11 per hour. But due to her hectic schedule, she has just 19 hours per week that she can spend working at either the bo
Why does the Average Physical product curve slope downwards so soon? What's the relationship between Average physical product curve and Marginal physical product curve?
When factors of production are combined to produce a particular level of output, what would be the effect on total product when all factors are kept fixed and only one factor is varied
A project consists of 20 activities whose duration time estimates in days are given below activity duration activity duration
Consider a macroeconomy was initially at equilibrium level of real GDP. Using an aggregate demand and aggregate supply diagram or model of the economy, graphically illustrate and discuss the short-run
Three students have each saved $1,000 and each can invest up to $2,000. Here are the rates of return on their investment projects: Harry 5%, Ron 8%, and Hermione 20%.
Many prices, including wages, would not be reduced even when aggregate demand decreased.
Why is are quarterly movements in a country‘s GDP measure so important? What is it called when a country has two successive negative quarters of economic growth?
Draw the indifference curve for perfect complements where the the utility function is given by U=MIN(X,5Y). Sketch the curve for utility levels 1,3 and 5
RKT corporation is a publisher of Economics books. The demand function for its books is given by the equation Qx = 12000 - 5000 Px + 5y + 500 Pc where Px is the price charged for RKT's boks, y is inco
Do price reductions always result in higher profits? For example, If the demand for a firm's product is price inelastic, will the firm increase its profits by cutting its prices? Explain.
What is the price elasticity of demand? Provide four reasons why the demand for medical services is likely to be inelastic with respect to its price.
5 examples of individual and market demands? 5 examples of firm and industry product demands? 5 examples of autonomous and derived demands? 5 examples of durable and nondurable demands? 5 examples of
Which of the following correctly characterizes the shape of a production-possibilities curve? A) A straight line indicating the law of increasing opportunity costs applies
Congratulations again. You've just been appointed economic advisor to Examland. The mpe is .6; autonomous investment is $1,000; autonomous government spending is $8,000;
Some politicians have suggested that the U.S. enact a constitutional amendment requiring that the federal government balance its budget annually. Explain why such an amendment
If a dealer of rare artifacts purchases a 2nd Century Roman Vase for $250,000 and sells it to a wealthy collector for $320,000 during a given year, how much has been added to GDP for that year? A. Not
Larry, Curly, Moe run the only saloon in town. Larry wants to sell as many drinks as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloon's demand curve and i
The price elasticity of demand for health care has been estimated to be ?0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic.
Suppose a four sector economy C=200+0,65Yd calculate the values of MPC, MPM, MPT
What are the current monetary policy goals?
Write the equation(s) for the new budget constraint
Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line