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Consider an economy in which there is one consumer born at the start of each time period. Each consumer lives for two periods and receives an endowment of 1 unit of the consumption good when young. At the start of the economy there is a consumer who is already old. This consumer owns one unit of money but has no endowment of the consumption good. Money has no intrinsic value.
a. Can money be valuable in a finite economy (one that has a known end point)?
b. Can money be valuable in an infinite economy?
c. Can money allow exigency to be attained?
Complete the following table for a single firm operating in labor market, A and product market, B a) What, if anything, can one conclude about the degree of competition in labor market A and product market B b) What is the profit maximizing level of ..
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income)
An injection molding machine can be purchased and installed for $90,000. It is in the seven-year GDS property class and is expected to be kept in service for 8 years. It is believed that $10,000 can be obtained when the machine is disposed
supply qs600100pdemand qd1200-200pwhere qs is the supply of packs of cigarattes and qd is the demand for packs of
If the plumbers now form a union, and supply their labour at a wage of $30 per hour, illustrate the new equilibrium on your diagram and calculate the new level of employment.
One hundred compressors of 200 H.P. rating are being considered for purchase by the state highway department. The compressor index was 400 five years ago and is 520 today. The cost of 150 H.P. compressors bought five years ago is as follows.
Suppose an economy has 10,000 people who are not working but looking and available for work and 90,000 people who are working. What is its unemployment rate?
Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X. Can you understand why the curve is so called?
Explain how selected economic principles apply to the health care market and the provisions of health care services.
Revenue from sales of a training video for the first year are estimated to be $350,000. In addition, revenue is expected to decrease by $25,000 per year over the life of the video (which is 10 years).
How will the taco stand proceeds be split?
Interpret the relationship between the observed and expected frequencies. Do the data cast suspicion on the classical assumption?
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