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Suppose that laws are passed banning labor unions and that resulting lower labor costs are passed along to consumers in the form of lower prices. Use the aggregate demand–aggregate supply model to illustrate graphically the impact in the short run and the long run of this favorable supply shock. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift; v. the short-run equilibrium values; and vi. the long-run equilibrium values. State in words what happens to prices and output in the short run and the long run.
The presence of so many commercial banks in the United States is most likely the result? of:
Identify Nick’s utility-maximizing consumption bundle on your graph, including his indifference curve that is associated with his optimal bundle. e. What is the value of his utility at this bundle?
Despite recent positive economic news for the US economy, some Federal Reserve officials are still worried about inflation being too low or even the threat of deflation. Why might an inflation rate that is too low be harmful to the US economy? Why mi..
What is the practical significance of income elasticity coefficients? Explain the significance using as examples an income elasticity of 3.0 for automobiles and an income elasticity of 0.20 for home-cooked meals.
Exports are largely responsible for China’s recent rapid economic growth. The country, capitalizing on its cheap labor force, has focused on converting raw materials into products that are exported to developed countries like the United States. Are t..
A firm in a perfectly competitive market
Microsoft has been a giant in the software industry. Can we define Microsoft as a monopoly? Please explain. In addition, whether the Learner Index works well to define the market power for Microsoft in the software industry? Explain your answer.
Fixed costs of a company is $20,000 per year with variable costs of $15 per unit. If this company sells each unit for $20. What is the breakeven point? Show the answer with graph.
Market Research, Inc., wants to know if shoppers are sensitive to the prices of items sold in a supermarket. A random sample of 802 shoppers was obtained, and 378 of those supermarket shoppers were able to state the correct price of an item immediate..
q.the private marginal cost is mcp 80 q while the marginal harm to the rest of society from gunk is suppose the
Evaluate the efficacy of major types of health clinical outcomes one can use in economic evaluation analysis - determine the primary ways in which an established market for health insurance can be efficient, especially when individuals carry less th..
Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variab..
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