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Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them?
Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also the consumer has $288 to spend, and the price of X, Px=16, and the price of Y, Py=1: How much X and Y should the consumer purchase in order to maximize her utility? How much total u..
Elucidate how many additional watches can be produced by an extra hour of labor.
what assumptions are necessary for a market to be perfectly competitive? in long-run equilibrium all firms in the
What factors affect the costs of cancer drugs? How? What is scarcity? How does the cost of medical therapy relate to the economic concept scarcity?
Where is monetary policy stronger? In an open economy, changes in monetary policy affect both interest rates and exchange rates. Comparing the United States and Switzerland, in which country would monetary policy have a more significant effect on GDP..
Use the Aggregate Demand/Supply Model to: A) Explain the circumstances under which expansionary fiscal policy will result only in inflation. Explain the economic conditions that cause this to be so, and use appropriate graphs to augment your discussi..
Participate in a discussion with your classmates regarding the trade off between inflation and unemployment. Now that we have learned that the Short-Run Phillips Curve (SRPC) shows the trade off between inflation and unemployment at the given natural..
Jorje is meeting with his subordinates to determine which workers from his department need training in order to handle production increases expected during next nine months.
Conduct a goodness-of-fit test analysis to determine if the proportions of individuals willing to pay more for environmenlal.ly friendly products in the various age groups are equal.
Suppose demand for a good is QD = 50 - P and supply is QS = -10 + P. How much is the producer surplus? How much is consumer surplus?
What is the permanent income hypothesis? What are precautionary savings?
Why are market structures so important? What policies make sense to you with regard to the U.S. wheat or corn markets? What about the automobile or airplane markets? Why do you (we hope!) choose different policies for each? What about new inventions,..
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