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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
China's current financial account. China's current financial account.
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
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
Why do shifts in production function takes place & how does it affect operational efficiency?
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline re
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
Relate the law of conservation of matter and energy to the air pollution problem; and
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. Wh
Assume that the government imposes a lump-sum tax on a monopoly, what will happen to the output and market price?
President Obama campaigned on the theme that he was going to reduce taxes for 95% of working Americans. Why would such a campaign promise be difficult to put into practice?