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1. (a) Use a graphical approach to explain the effect of the following changes.
i. A new Covid 19 face mask, made in America, is successful in sales to Zambia.
ii. Zambia reduces its interest rate compared to the U.S., causing investors to sell Zambian bonds and buy U.S. bonds.
iii. Zambians, unhappy with monetary unification, transfer their bank balances to the U.S.
(b) Briefly explain the five functions of money.
Use the demand curve to help you calculate the number of DVDs rented per month and the amount of consumer surplus derived at a rental price of $5.
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
Consider the following utility function: U(X,Y) = max(X, 3Y) (a) draw the indifferent curve for this utility function. (b) find the Marshalian funtions for X and Y and the corresponding indirect utility function.
Is Communist China a capitalist economy? To what extent does Communist China have that something else. The paper should be no less than 1500 words.
Identify and describe the primary economic decision makers. Describe how money and resources are exchanged in the resource market, indicating.
Regress PCE on an intercept and trend and obtain the residuals from this regression. Call it S1.
You are given the following information for a good. Demand: Qd = 280 - 70P, Supply: Qs = -40 + 30P. What is the equilibrium price of this good? What is the price elasticity of demand at the equilibrium price
Proponents of free market systems argue that free enterprise leads to more efficient production and better response to changing consumer preferences. Others point to the fact that markets are not perfect.
explain whether Rawls would favor redistribution that limits growth but creates equality or economic development that encourages growth but creates inequality.
Suppose perfect competition. Yoland is a small nation that takes world value of corn as given. Its domestic supply and demand for corn is given by the following;
Using the factors identified by marketing researchers that influence price sensitivity, explain why U.S. consumers are not overly price sensitive when it comes to buying candles.
A firm in a perfectly competitive market invents a new method of production that lowers marginal costs. What happens to its output? What happens to the profit it receives and the price it charges?
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