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Compare and contrast the concept of supply and demand. What do you feel the benefits and implications of this concept are? Explain a time that you have experienced the effects of supply and demand and discuss what happened knowing what you know now.
The central bank new head decides to increase the response of interest rates to inflation. Explain how does this change in policy alter the response of the economy to a supply shock.
Suppose a firm uses only one input (L) to produce output y, with the production function y = L1/2. Suppose the firm sells its output in a competitive market at price p, and buys labor in a competitive market at price w.
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the same prices. What is the equi..
Find the probability that randomly selected individual would spent between 30 and 40 minutes on the treadmill.
Much to his dismay, Adam's trash gets picked up every Sunday morning at 7 AM. The trash truck makes a lot of noise and wakes Adam up
What are some different GIS software packages (from 2 different software companies).
q. in recent years many plants have closed forcing thousands of employees out of their jobs as well as into new ones.
All other things being equal, by how much will nominal GDP expand if the central bank increases the money supply by $100 billion, and the velocity of money is 3? Suppose now that economists expect the velocity of money to increase by 50% as a result ..
What are some of the tools that countries use to restrict trade and why do countries impose them? Can you think of any real life examples? What is TPA? What's at stake with these aforementioned agreements? Do you think that trade restrictions will be..
A firm has the production function y = x1^1/2 * x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. Derive the firm’s short-run marginal cost function.
When consumers were given the opportunity to select a package of ground beef labeled “75% lean” or a package of ground beef labeled “25% fat,” most consumers chose “75% lean.” Why? What concept from the chapter does this illustrate? The reason is tha..
The monopolist internalizes the effect of its production on prices, which leads to a contraction of output. Explain why giving the monopolist the flexibility to employ nonlinear pricing schemes can undo this problem.
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