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Each question should be at least 125 words. Do not copy other's , use your own words.
1) How are scarcity, choice, and opportunity cost related?
2) What are the effects of an increase in the minimum wage in the U.S. economy? Who would be most affected?
3) Why is elasticity of demand greater for goods that are a large share of a consumer's budget?
4) What is the difference between accounting profits and economic profits? Which of the two concepts is more appropriate for explaining decisions made by entrepreneurs? Explain.
5) Differentiate between the short run and the long run? What is the appropriate time dimension of the long run?
Assume that these college payments will be made at the beginning of each school year. The future general inflation rate is estimated to be 4% per year, and the annual inflation-free interest rate is 5%. What is the equal amount, in actual dollars, Je..
In World War II, a German POW camp guard exchanged bread and chocolate with prisoners at the rate of one loaf for one chocolate bar. Inside the POW camp, the price was 15 cigarettes per chocolate bar, and 40 cigarettes per loaf of bread. Is there an ..
The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $33,000. The variable cost for the product is uniformly distributed between $20 and $27 per uni..
Illustrate what do you think are the defining characters of a science. does the study of the economy have these characteristics.
For a company whose target capital structure calls for 50% debt and 50% common equity, which of the following statements is CORRECT?
What is the effect on the economic well-being of a nation when a tariff is imposed? Consult a newspaper and identify an industry where there currently is a tariff. What is the effect of this tariff on the U.S. economy?
Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in..
12. mrs. smith is operating a firm in a competitive market. the market price is 6.50. at her profit-maximizing level of
What is the different between anticipate and un anticipate inflation? Describe when the government surplus a deficicit. Also draw loan able graphs to explain your answer.
Suppose that a firm's only variable input is labour. When 50 workers are used, average product of labour is 50 and marginal product of labour is 75. Wage rate is $80 and total cost of fixed input is $500. Illustrate what is average variable cost. ..
A pharmaceutical firm faces the following monthly demands in the U.S. and Mexican markets for one of its patented drugs: Find the demand, marginal revenue, and marginal cost curves for each market. Estimate the profit-maximizing prices and quantities..
Explain why: Government expenditure and investment has remained fairly constant as a fraction of GDP since 1950, even as transfers have risen. Explain why: Most of state government revenue comes from the income tax, and most Federal government income..
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