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calculate the range, variance, and standard deviation for this data series. which measure does the best job of describing the dispersion in this variable?
GDP would have been higher, even though the amount of out-put would have been indentical. Why is this? Does this make sense?
Suppose the multiplier is 1.5 and the economy's real GDP is $5,000 billion. In which direction will the aggregate demand curve shift and by how much?
The gas station is about to increase the price to $3.85 per gallon. How many gallons of gas will be sold at this higher price?
Graph a linear (straight line) PPF for rice and toaster ovens for both South Korea and the U.S. What is the opportunity cost of producing one ton of rice for the U.S.?
If purchasing-power parity holds? If a monetary expansion caused all prices in Mexico to double, so that soda rose to. 24 pesos, what would happen to the peso-dollar exchange rate.
Design a model, where political candidates act strategically, that justies the implementation of such a reservation system. Please include a diagram.
Graph the U = 9 indifference curve associated with this utility function. Develop a general expression for the MRS of this utility function.
Find the market equilibrium price and quantity. Is the resulting allocation efficient? Explain. (In this setting, define "efficiency" to mean that there's no alternative allocation or set of trades.
If both papers are correct, then this phenomenon is an apparent violation of the law of supply and demand. Explain the (True, false or uncertain) with the reason of the answer.
Despite increases in population and income growth that expanded demand for housing, the rice of existing houses barely increased. Why? Illustrate your answer with supply and demand curves.
Suppose MPC is 0.8 initially. Households then change their behavior so that the MPC falls to 0.75. What happens to aggregate expenditures? Why?
For each of the following, explain whether it shifts the short-run aggregate supply curve, the long-run aggregate supply curve, or the aggregate demand curve.
Is the concept of "more is better" satisfied for both goods? Explain. Does the MRSC,M increase, decrease or remain constant as C increases? Explain.
Sketch two of Camille's indifference curves. Make sure all relevant pieces of information are identified in your diagram. In non-technical terms, what does the MRSX,Y for this utility function tells u
Is he maximizing his utility? Explain. If he is not , how can he increase his utility while keeping his total expenditure constant?
use a diagram to illustrate each case. outline reasons why the marginal revenue product differs between workers in different jobs.
What are the strengths of the neoclassical models of labor supply and labor demand? What are the weaknesses of the neoclassical models of labor supply and labor demand?
Contrast the labor force participation rate with the employment-population ratio. Predict what would happen to the labor force participation rate of women if wages for women decreased. Explain.
Compare and contrast the substitution effect and the scale effects in long-run labor demand decisions. Industry A has a lower price elasticity of demand for its products than industry B.
During a recession, do employers first reduce hours or reduce employment? Explain. What might happen to labor demand for low-skilled workers if the wages for low-skilled labor increased?
Determine the price elasticity of commodity x and y. calculate the value of income elasticity. prove that x and y commodity are subtracts or compliments.
Based only on this information use a Solow Growth Model diagram to clearly and accurately show Japan's initial (1) income-per-worker, (2) actual investment-per-worker.
Is X an inferior or a normal good? How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.
During this period, a competitor offered a whopping $52 off their regular $137 price on deluxe garment bags. Calculate the cross price elasticity.