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in the first few chapters of this book we introduced the notion of supply and demand one of the first things we did was
expansionary policies are designed to stimulate the economy by increasing aggregate output explain why expansionary
two separate capacity constraints are discussed in this chapter1 the actual physical capacity of existing plants and
1 is inflation necessarily a bad thing justify your answer2 what role do expectations play in an inflationary
find recent evidence in the wall street journal and other business publications on how com- panies are expanding the
1 a severe drought in california has resulted in a nearly 30 percent reduction in the quantity of citrus grown and
draw a downward-sloping demand curve and an upward-sloping supply curve for orange juice show what happens in each of
explain what it means when the supply of television sets rises explain what it means when the quantity supplied of
1 if the incidence of poverty decreases during periods when the economy is growing and increases during periods when
1 why do economists say that discrimination is inherently inefficient and therefore will not occur in general2 use the
1 if in exercise 8 the mc and msc columns were reversed you would have an example of what would too much or too little
overfishing refers to catching fish at a rate that does not allow the fish to repopulate what is the fundamental
1 use economics to explain why people contribute to charities2in presidential campaigns candidates always seem to make
it is well documented in scientific research that smoking is harmful to our health smokers have higher incidences of
1 what would a 10 percent increase in the price of movie tickets mean for the revenue of a movie theater if the price
1 describe the relation between marginal and average total costs2 in the following figure if the firm has average total
using the following demand schedule compute marginal and average revenuesuppose the marginal costs of producing the
1 explain why a firm will be unable to earn positive economic profit in the long run if other firms can freely enter
using a single industry contrast and compare perfect competition and monopoly for instance using the coffee shop
explain why firms advertise give ten examples of differentiated goods or services explain what differentiates them
use the information in the table to calculate total revenue marginal revenue and marginal costs indi cate the
draw a perfectly elastic demand curve on top of a standard u-shaped average-total-cost curve now add in the
using demand curves illustrate the effect of product differentiation on haircutters why might society prefer a
1 suppose the disney company was experiencing above-normal profits what would you predict would happen over time2
1 how would you derive the demand for milk at the local grocery store how would you derive the demand for tuna how