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Its suppliers started to struggle, and several local establishments closed their doors. It can be said that the local economy in South Carolina was experiencing what?
The cost of your travel on the trip will be $3,000, film and videotape will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking this trip?
What fraction of the incidence falls on consumers? On firms? Suppose the supply elasticity is 0.6. What must the demand elasticity be?
Find a news story from the last 12 months that you believe impacted Aggregate Demand or Aggregate Supply. Provide a brief summary of the story.
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50 percent, approximately how much tax needs to be added to a $1 pack?
As the plant manager, should you recommend to the owners that the plant be shut down for a while? Justify your answer using at least two techniques and presenting the information graphically.
It is not certain, therefore, that an innovation will really reduce price in the end." What is wrong with this statement, and how to draw a diagram of what actually happens.
An industry has a demand of Qd = 150 -15P and a supply curve of Qs = 10P -25. What is the equilibrium price and quantity? Recall what is the condition for equilibrium.
What is the rollback equilibrium to this game? Make sure to describe the strategies, not just the payos.How many dierent complete strategies does Bart have? Explain.
What is Stopdecay's average monthly total revenue from the sale of electrictoothbrushes before and after the price change determined?
Labor demand equations are given by Qs = 5W and Qd = 30 - 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
Market demand is Q = 2500 - 10p. If none of the high-cost firms makes a positive profit, how large is n? How much profit do the low-cost firms make?
The marginal pollution and congestion cost of cars is E(Q) = 400 + 0.1Q. What is the socially optimal output of cars? At what price would marketable permits to produce that number of cars trade?
Do you think it is immoral that the company employed Rachmina for only 2.50$ a day? Why (not)? Do you think it was desirable that the company entered Malaysia in the first place?
Suppose that the manager of a firm operating in a perfectly competitive market has estimated the average variable cost function to be.
What happened to the Leontief paradox when human capital embodied in U.S. exports was accounted for as a separate factor of production?
Based on your understanding of the IS-LM model, graphically illustrate and explain what effect a reduction in consumer confidence will have on output, the interest rate, and investment.
Form of quotas, and that they were create quota rents and a larger reduction in national welfare than tariffs, why did nations use them instead of tariffs?
Can the explanations of the "boundaries of the firm," as developed in this unit - be used to explain the bounds of the family?
How does the study of economics depend on the phenomenon of scarcity? Explain why an economy's income must equal its spending.
Calculate GDP using each of the three approaches. Calculate the current account surplus and GNP. If the coal producer is instead owned by foreigners, what is GNP?
How much additional interest could you have earned if you had compounded the rate continuously rather than annually?
Assume you decide to go a concert next Tuesday night. What is the total opportunity cost of going to this concert?
Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value workers attach to such a job amenity?