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A firm is currently producing in the elastic portion of its demand curve. What course of action do you recommend for it assuming it wants to raise revenue? Continue producing at the current outpu
Suppose the production function is Y = 100(K3/10)(EN)7/10 and capital lasts an average of fifteen years. The rate of population growth is 0.5%. The rate of technological progress is 2.5%. The saving r
Hinduism, Confucianism and Buddhism are three of the world’s great belief systems. Compare and contrast their impact on the societies that embraced them. Although Hinduism, Confucianism and
The price received by sellers in a market will decrease if the government.A. imposes a binding price floor in that market. B. decreases a binding price ceiling in that market. C. decreases a
How large would a corrective tax need to be to move this market from the equilibrium outcome to the socially-optimal outcome? A. An amount equal to P' minus P. B. An amount equal to P'.
Harold owns a cranberry bog in which he grows cranberries. Harold’s farm is a competitive, profit-maximizing firm. As such, Harold much decide. (i): how many cranberries to sell.&n
Payroll Tax- You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction; for each hour of work, th
A monopolist is in long-run equilibrium and earning economic profits equal $100 million. The government imposes a lump sum tax of $100 million on the monopolist. (A limp sum tax is a tax the monopolis
The current term-structure of spot interest rates for safe zero-coupon bonds is as follows: Maturity, in years Interest rate(r) 1 8% 2 10% 3 11% 4 12% 5 13% The
If the government announced the economy is headed into an expansionary period of rising real GDP and prices, businesses would most likely respond by: a. lowering wages so that they could afford
Write a 5 page economics research paper about 3-4 economists and entrepreneurs.Thinking about writing about Bill Gate the obvious Oprah another obvious and Steve Jobs. Give biographical information ab
How does the federal government implement its fiscal policies? Given economic conditions today, do you suggest expansionary fiscal policy or contractionary fiscal policy? How would your suggestions
There are two groups of individuals of equal size, each with a utility function given by U(M) = sq. root(M), where M = 100 is the initial wealth level for every individual. Each member of gr
In 2008 output for the country of OZ was 12,000 tons of potatoes and the total labor force 1,100 workers. In 2009 output for the country of OZ was 14,300 tons of potatoes and the total labor force 1,1
A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens to its output? What happens to the price it charges? a. The firm has
_______ is the study of how to increase resources and create conditions that will make better use of resources. A. Resource development B. Economics C. Macroeconomics D. Microecon
label a point f inside the curve. why is this an inefficient point? label a point g outside the curve. why is this point unattainable? why are pointS A THROUGH E ALL EFFICIENT POINTS?
An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that.
The demand function for a cola-type soft drink in general is Q = 20-2P, where Q stands for quantity and P stands for price. At which price would a change in price and quantity result in approxima
The EU is an example of a trading bloc, or _______, that has a common external tariff and no internal tariffs, and that coordinates laws to facilitate trade between member countries. A.
Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe Motors. Their prices are basically the same for similar vehicles even as their advertising screams that
The idea that countries should produce and sell goods that they produce most effectively and efficiently, and buy goods that other countries produce most effectively and efficiently, i
The trend toward two-family income has led to A. policies allowing only one family member to work for a company. B. flexible work schedules, pregnancy benefits, and elder-care programs.
Efficiency can best be defined as A. the amount of output generated in a given amount of time. B. producing items using the least amount of resources. C. using high-tech equi
Suppose the City of Klamath is considering plans to build a dam on the Klamath River. There are currently social benefits to the recreational fishermen who use the river to catch salmon. The dam would