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Definition of both, specific examples of what could affect each, and a discussion of why it is more accurate to examine both when trying to determine a country's economic success.
What is your preferred style(s) of conflict resolution in the workplace and how effective is/are your style(s) in resolving most everyday workplace conflicts?
Draw a graph of the coal industry and a graph for a representative coal mine. Show an equilibrium price and quantity on each graph such that zero economic profit is initially earned.
He projects that his costs and revenue will be similar this year if he continues farming. What is Bowen's economic profit from farming an additional year? What should he do? Explain.
Discuss various measures of the public interest, including utilitarianism, the Pareto criteria, potential compensation, and the social welfare function.
Wheat, 3. A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns, because some are better suited for wheat production than ot
A key difference between import quotas and voluntary export restraints (VERs) is that the domestic government administers the former, whereas the foreign government administers the latter.
Explain why from an economic point of view towing a car illegally parked rather than just ticketing it provides a better incentive (for both rich and low income individuals) not to break the law.
How many acres should the farmer plant and harvest, If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and har
In order to buy a car, you borrow $25,000 from a friend at 12% per year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments. How much interest is in the twenty-
Find all the possible intertemporal equilibria. Using a phase diagrammaic technique, discuss the stability/instability of the interior equilibrium. (Note: For full marks, all trajectories must clear
single firm monopolizes the entire market for single-lever. Calculate the profit-maximizing price and quantity combination for the firm. What is the firm's profit?
Why are fixed limits on pollution emissions for each firm likely to be an inefficient means of reducing pollution compared to a Pigouvian tax?
Where C is consumption expenditure and D is disposable income. If intended investment equals 10, what is the equilibrium value of GDP?
The loser pays his bid to the winner. In the event of a tie, each player gets the object with probability 1/2 ; and pays nothing. Are any strategies weakly or strictly dominated?
Interpret this result. What happens to the price level pt when the money supply mt changes, holding the money growth rate m constant?
Graph the individual's budget constraint taking account of both Social Security benefits and the possible withholding of these benefits based on the individual's earnings.
The automobile industry." Can you give an alternative explanation for the difference in the number of firms in the two industries?
Calculate the profit-maximizing price and quantity combination for the firm. What is the firm's profit?Instead of the demand function assumed in part b, assume instead that the market demand shift out
Two car manufacture, Saab and Volvo have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 400,000 cars per year and Volvo produces 200,000, calculate the average pro
Assume the interest parity condition holds and that initially domestic and foreign interest rates are equal, i.e., i i*. A reduction in the domestic interest rate will cause?
Define price elasticity of demand by given that a decrease in price from $300 to $200 per orange result in an increase in quantity demanded from 80 to 120 oranges? Thus, calculate the price elastict
Discuss the impact of rational self-interest on each of the following decisions:
Currently, K = 100. What is the cost of producing 10 units in the short run? Hint: first determine how much labor is neded.Given these prices, what is the optimal ratio of K to L to minimize cost in t
What are some of the damaging effects deflation has on an economy? What would be a monetary policy prescription to reduce or eliminate deflation? How would deflation affect your business or a busine