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An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get rid of it. What would the Marshallian Demand curve for the economic look like? Draw it in the Price-Quantity axis.
Why it is important that prices are flexible in our economy? What happens if the government controlled the level of prices, how would this influence prices? How can you relate the law of demand to a recent purchase that you have had to make?
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. Show this situation graphically, using W1 to indicate the equilibrium wage rate and Q1 to show the number of ..
The economy is in a recession. The government enacts a policy to increase spending by $2 billion. The MPS is .2. What would be the full increase in real GDP from the change in government spending assuming the increase would be in the horizontal range..
Assume that the United States is initially operating at its full-employment level of output and prices and wages are eventually flexible both upward and downward. Construct a long-run AD-AS model.
Solve for equilibrium output. Illustrate the equilibrium in the ISLM diagram. What is the value of the multiplier Now let investment depend on both sales and the interest rate: I=b0+b1Y-b2i b. Solve for the equilibrium output (assume c1+b1
In both countries, g=0.02 and δ=0.04. Find the steady state value of y for each country.
Dell Computer Corp., the world's largest personal-computer maker, is keenly aware of everything its rival PC manufacturers decide to do. Explain why Dell usually reacts more quickly and more substantially to pricing, product design
Explain what are some of the factors that contribute to the wealth and poverty of different nations.
Why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchises that operate from commercial buildings (HINT: Among the most popular home-based franchises are cleaning services offered to busines..
Explain the changes in the maturity values if the yields increase 1 percent. Assume that the insurance company has no other assets. What will be the effect on the market value of the company’s equity if the interest rate changes in (b) and (c) occur?
The question is what is the maximum probability of last thing happening (-$10 million) that will induce the person to vote for action.
Suppose two strategically dependent firms in an oligopolistic industry: Firms A and B. Firm A knows that if it offers extended warranties on its products but Firm B does not,
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