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According to the model of the macro economy in Figure 18.3, a shift from LRAS1 to LRAS2 will cause, ceteris paribus:
A decrease in the level of output.
A decrease in the price level.
An increase in the unemployment level.
An increase in government spending.
What necessarily happens to average quality in a hospital market when the generosity of insurance coverage increases? How does this relate, if at all, to the data appearing in Chapter 1 on increases in hospital spending through time in the hospital s..
The legislature has stated that the $.03 tax will increase goverment revenue by $300,000 per month and raise the price of gasoline by $.03 per gallon. is this correct.
The owner/manager of an athletic shoe store has revenue of $260,000 per year and labor, interest, inventory, and miscellaneous expenses of $200,000. The owner also owns the building the store is located in. It would rent out for $5,000 annually. What..
Suppose a firm purchases labor in a competitive domestic labor market and sells its product in a competitive international product market that covers the whole world. Domestic producers represent a small portion of the world market and have no influe..
Two physical therapy firms want to merge. The price elasticity of demand for physical therapy is -0.40. Firm A has a volume of 10,400, fixed costs of $50,000, marginal costs of $20, and a market share of 8%. Firm B has a volume of 15,600, fixed costs..
Describe the shape of the average total cost function and also label the minimum point on the curve.
Consider a competitive market characterized by the following supply and demand formulas: Demand: P = 105 - 0.25QD Supply: P = 0.275QS (a) Show the supply and demand curves and the equilibrium price and quantity in this market in a diagram. (b) With t..
Feinberg observes that in 1973 when he wrote his article, the top 5% of households in the USA gain 20% of the income in the USA while the bottom 20% of households gain 5% of the income. (In 2011, the top 5% of households in the USA gained 22.3% of th..
Suppose that when the price of shoes increases by 5%, the quantity demanded for socks decreases by 10% and the quantity demanded of sandals increases by 4%. What is the cross-price elasticity of socks with respect to shoes? Are shoes and socks relate..
Discuss why countries create barriers to trade when economic theory shows trade as being beneficial to a nation. Who benefits from international trade? Who loses from international trade? How can the negative effects of the failures from internationa..
You bought one of Rocky Mountain Manufacturing Co.'s 8.5 percent coupon bonds one year ago for $1,053.80. These bonds make annual payments and mature eleven years from now. Suppose that you decide to sell your bonds today, when the required return on..
q1. as this is a issues of involving selling prices of hamburgers also the quantity of hamburgers consumers which would
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