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The markets for natural resources such as copper are constantly adjusting to changes in both supply and demand. With this in mind, use supply and demand diagrams to answer the following questions: (a) How we would the market price of copper to change if two years from now, some unexpected and unforeseen political unstability in Chile (the world’s largest producer of copper) would lead to the closing of the copper mines in Chile. (b) How would your argument in part a change if, instead of the mine closures being unanticipated, it was actually easy to see the closures coming so none of the key market participants would be caught by surprise when actually it happens. (c) In the context of your answers to parts a and b, carefully explain why economists generally believe that speculation improves economic welfare.
A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market. What restriction do we have to impose on the production function to ensure the second-order conditions in problems..
According to your textbook, the United States has attempted to set policies and establish regulations that are fair and equitable to both users and providers in the transportation industry. What are the advantages and disadvantages of increased regul..
When the economy is on the short-run aggregate supply curve and to the left of the long-run aggregate supply curve, actual aggregate output will eventually equal potential output as: nominal wages fall and the short-run aggregate supply curve shifts ..
Organize the above data into the appropriate categories for the current as well as capital accounts determine the current account balance, the capital account balance, as well as the official settlements account balance.
You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies are currently seeking your advice, and although the information they have supplied to you is incomplete, your expert kn..
Economic Projections you have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on cur..
Explain the role that money plays under the Classical Macroeconomic Model. As a part of your discussion, include the impact the Quantity Theory of Money and Say’s Law have on this model and state in algebraic terms how the money supply relates to pri..
Take the first, second, and cross derivative of F(K,N). Explain what the sign of each one means. Divide the function by N and show that the function can be written as F(K,N) = (KN)↵. Letting k = KN, express F(K,N) as a function of just k and let that..
Discuss which of the 10 surprising facts about money impacts
Franchising in China is a relatively new and growing phenomenon which has gained momentum since the 1990s. Among the franchising pioneers in China are large and well-known food and beverage brands, such as KFC and McDonald's. What did Wang do as he p..
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers. Firm 2 is a potential entrant in period 2 and it is a..
On October 1, Golshan paid $250,000 for a residential rental property. This purchase price represents $200,000 for the building and $50,000 for the land. Five years later, on June 25, she sold the property for $250,000. Compute the MACRS depreciation..
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