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A temporary economic boom in China pushes up that country's demand for Australian minerals. The boom ends quickly however and Chinese demand for Australian minerals falls back to normal levels. Assume that the Australian macro-economy begins in equilibrium for both the short-run and long-run.
Use the AE-45 degree line graph and the AE equation to depict the way the Australian economy moves out of equilibrium as a result of the China boom. Then depict equilibrium being naturally restored after that boom ends. Briefly explain the economic intuition behind your answer. (Maximum length: one page)
What actions would you recommend to the director? Why do you think job descriptions are not updated in many organizations?
Explain in detail the concept of excess burden (or welfare cost) and explain the factors significant in the calculation of the excess burden. What is the marginal excess burden and why is it important concept for policy evaluation?
HI5003 Economics for Business. Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes..
Let's take the Model of Consumer Behavior for a spin. Consider the last time you purchased a nice dinner at an upscale restaurant. What was your choice of restaurant? Go through all the variables outlined in the first two columns of the model, enviro..
Which of the following is an example of roundabout production? Paul pays Ringo to wash his car. A church has a bake sale to raise money for a new narthex. Jane saves her money to buy a stereo.
Consider a regression that uses the square of the residuals from the first regression above asthe dependent variable and has a constant term, the variables G and Y and the squared of bothG and Y and the product term GY as independent variables. Th..
Among the four types of unemployment, identify the economically best type and explain why it’s the best. Identify the economically worst type of unemployment and explain why it’s the worst. What type of unemployment are workers least likely to experi..
A multiple regression equation is created with 4 independent variables and 24 data observations. The resulting F value is 4.10. If all other statistics for the regression are acceptable would you use the regression to forecast data for your business?
The value of a home depends in part on how attractive other homes and yards in the neighborhood are.
Pat eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs he eats. Derive his utility function. If the price of eggs increases but we compensate Pat to make him just as "happy" as he was before the price cha..
Assume the economy is in recession and real GDP is below full employment. The marginal propensity to consume (MPC) is 0.50, and the government follows Keynesian
What specific economic and political "factors" may be affecting current global gold prices? Be specific in terms of key demand "determinants" and their influence on prices (in reference to demand shifts).
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