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Econ 111: Principles of Economics - Accelerated Treatment - Quiz 9
In recent weeks the US economy has been operating with an 7.2% unemployment rate and about 2% inflation. Consider the following changes and use a separate graph each time and a very brief explanation to show the effect of this policy (or change) on aggregate output and general price level in the US economy.
a) The consumer confidence is picking up and the economic situation in Europe is also stabilizing
b) The government (concerned with government deficit issues) decreases G.
c) Oil prices have been increasing and are expected to continue increasing in the near future.
d) A new type of fertilizer has greatly increased US agricultural production levels.
There was no known way of curing the disease except by destroying the cedar trees or by ensuring that apple orchards were at least 2 miles away from the cedar trees. Apply the Coase theorem to this situation. Does it make any difference to the out..
Write the problem of the consumer who is choosing optimal effort a to maximize the expected utility and write the first order condition for optimal choice of effort a.
Suppose you are in charge of setting the price for commercial advertisements shown during Enemies, a top network television show. There is a 60 minute slot? For the show. However, the running time for the show itself is only 30 minutes?
In 2009 - 2010, the quantity of cars produced and sold decreased by 20%. Through the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3. Calculate ..
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Do you favor a laissez-faire approach or government intervention and regulation with respect to monopoly What are the benefits of your favored approach, in terms of economic efficiency Is one approach always preferable, or should each monopoly mar..
under what conditions will a firm shut down operations in the short run? identify an example you are familiar with or
A simplified version of Suits' model of the watermelon market is as follows*-Demand equation: Pt = α0 + α1 (Qt /Nt ) + α2 (Yt /Nt ) + α3 Ft + u1t ,Crop supply function: Qt = β0 + β1 ( Pt / Wt ) + β2 Pt-1 + β3 Ct-1 + β4 Tt-1 + u2t - Ob..
nationally the monthly survey of american households found 387000 more people at work in february than in january but
What tax level would achieve this goal? How much abatement would be done by each firm?
Why is investment spending not equal saving in the circular flow?
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free.
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