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Use “John Maynard Keynes – capitalism faces its challenge,” in Big Three in Economics by Skousen as your resource to answer the following questions:
i. What was the economic context in which Keynes was writing? How did that affect his economic views?
ii. What was Keynes opinion about Roosevelt New Deal policies? First, answer this question by inferring from his writing. Then look for a resource that provides his direct assessment of New Deal policies
You are considering adding a new food product to your store for resale. You are certain that, in a month, minimum demand for the product will be 5 units, while maximum demand will be 8 units.
How can makers of flat-panel TVs earn economic profits during the first few months after the introduction of new models? What economic forces result in the dissipation of economic profits earned by manufacturers of flat-panel TVs?
Describe how many days before the due date the cesarean section should be carried out so that there is no more than a 10 percent chance that the woman will go into labor before that date.
Consider we did technological change in the class where it does contribute to one side of the production use that to understand the problem.
Explain the effect of price ceiling also price floor with reference to the concept of price elasticity of demand.
question 1nbspbusiness economics is a useful toolbox for understanding the business environment and making better
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot?
Describe the changes in price and quantity moving from one equilibrium to another. Be sure to identify what increases, what decreases, or what may do either.
Consider an economy that has the "typical" sacrifice ratio we discussed in the Power Points. If inflation is currently 6% and the economy would like it to be 2% within the year, that economy must experience a ____________% change in GDP (output).
What is the actuarially fair price of insurance? What price are individuals w/$5000 in the bank willing to pay for the insurance?3. Will those w/$5000 in the bank voluntarily purchase insurance?
What is the role of models in economic analysis? How can it be determined if the assumptions underlying the design of an economic model are overly simplified or overly limiting? At what point do the assumptions invalidate the model? Why?
If the firm needs the service of these machines for an indefinite period also no technology improvement is expected in future machines.
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