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Consider the following statements, based on a positive economic analysis that assumes that all other things remain constant. For each, list one other thing that might change and thus offset (change) the outcome stated. Increased demand for laptop computers will drive up their price. Falling gasoline prices will result in additional vacation travel. reduction of income tax rates will result in more people working. 2. Categorize each of the following conclusions as being the result of positive analysis or normative analysis. A higher minimum wage will reduce employment opportunities for minimum wage workers. Increasing the earnings of minimum wage employees is desirable, and raising the minimum wage is the best way to accomplish this. Everyone should enjoy open access to health care. Health care subsidies will increase the consumption of health care.
Illustrate what if accidents costs decrease with precaution. Explain how does this affect efficient level of precaution. Explain.
If the government uses a tax to get producers to internalize their externality, what is the net price received by producers.
Describe pressures that currency would face due to increasing oil prices. Will this response by central bank increase or decrease foreign reserves.
How much labor should the firm employ? What are its resulting output and profit? What effect will this have on the firm's optimal output? Explain.
What can be accomplished about the impact of transportation costs on the price of the traded product in each trading nation.
Write down a utility function that represents Britney's preferences over dresses also hats.
Given that the demand for tickets is a binomial random variable with parameters n = 10 and p = 1/2, illustrate how many tickets should she buy in order to maximize her expected profit.
To better identify increasing price of textbooks, dean asks you, economics Department's star student, to create an index of textbook price. Average student purchase three English, two math and four economics textbook. Prices of these books are giv..
these cuts are not discriminate theory, re is nothing EU can or should do about m. So why are some old EU members so upset about East European taxes.
With an interest rate of 10 percent this person uses $100 current income along with an $80 bank loan to finance $60 of education. Explain how this individual should respond if interest rate increases. Discuss income and substitution effects.
Compute by how much monetary policymakers must change the nominal money supply for the expectations of firms and workers to be realized.
Firms often face the problem of allocating an input in fixed provide among different products.
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