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Would Ricardo agree or disagree with Adam Smiths concept of invisible hand? Please Explain.
Illustrate what is the purpose of macroeconomic models. Explain how a model of ice cream production can be used to explicate 50-fold income differences across countries.
Define the Quantity of Money theory and identify whether this is a Keynesian or Classical cornerstone. Describe what happens when, according to this theory, the money supply is increased.
This game is adopted from episode six of the Survivor Thailand television series that aired in fall 2002. Two players alternate in taking turns to remove some number of flags from a field with 31 flags. Each time it is a player’s turn, he may choose ..
Assume that there are 10 firms in the oil industry producing a specific type of processed petroleum. Given the price P, how much will each non-cartel firms produce? i.e. what is (q1 q2 q3 q4)? Using the optimal rule MR=MC, find the optimal quantity p..
Circuit city employees were not represented by a labor organization and did not have a collective bargaining contract specifying terms and conditions of employment. How might Circuit city's labor cost-cutting strategy have brrn affected if its retail..
In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to incr..
What are the three most important attributes of successful organizations? Why? Is it more likely for an organization to display these attributes (to be successful) in an oligopoly than in monopolistic competition? Why or why not?
Is granting more tax breaks in Canada a good thing or a bad thing?
Consider a world with two countries, H and F. H is the importer of a homogeneous good produced by perfectly competitive firms and F is the exporter (so both countries are “large”). Draw 3 graphs, one for H and one for F and one for the world market, ..
John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How mu..
Goodspeed Automobiles manufactures 100 disc brake cylinders. At this output level, its marginal revenue is equal to its marginal cost. If the revenue per unit of output is $500 and the cost per unit is $350, its profit is:
A unique aspect of a market economy is that consumers and firms change their behavior largely in response to:
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