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People are more likely to clean up waste in their homes than at a community park because.. A. people expect the community park to be dirty. B. hiring a person to clean the home is expensive. C. they own and therefore feel responsible for their home. D. there is no penalty for leaving trash in the community park.
Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
Mary Smith, a customer, buys the Best product to use in the demolition of her office building. Due to a defect in the product, John Doe, an employee of Mary's, is injured. He sues Mary Smith, Best and AI. Discuss the ramifications of this case if ..
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why? 2. Describe and explain why a socialist system might be the best in responding to the needs of people st..
What should be the amount of her quarterly deposits in actual dollars? Support your answer with all necessary steps
Explain what the new equilibrium point means in terms of GDP and the price level. Based on your understanding of the current health of the economy, was this program successful? Why do you say this?
When someone owns an asset (such as a stock) that rises in value, he has an "accrued" capital gain. If he sells the asset, he "realizes" the gains that have previously accrued. Under the U.S. income tax, realized capital gains are taxed, but accru..
Select a nation that has a low per capita income and discuss how the catch-up effect would work for that country. Consider the determinants of productivity and explain some of the things that would tend to prohibit or limit that country's ability ..
Suppose that after graduation you take a job with an employer that oers to pay full tuition for employees wishing to return to school to get an MBA degree during non-work hours. You are not required to continue working for the rm a..
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
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