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Question: 1. List the way an economy can grow given the discussion in this chapter.
2. Describe how opportunity cost is shown on a PPF.
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dolla..
A firm has a production function defined as y = 40L^(1/10)K^(7/10). The firm faces costs of $10 wages, and $100 rental rate of capital. Find the cost function, and average total cost, average variable cost, and marginal cost functions.
Home's currency is the peso and trades at 1 peso per dollar. Home has external assets of $200 billion, all of which are denominated in dollars.
How to Restore Participating and Self-Support to Free Enterprise (Harvard University Press, 197), economist Edmund Phelps offers this plan to help the working poor: apply tax credits for "qualified employers" or hire disadvantaged people for "elig..
The cement industry in the US consists of 100 producers each of them with a cost function characterized by C(qi)=0.5qi^2+qi+2 where qi is the quantity produced by each firm.The cement market is competitive and the aggregatede mand is Q=700-100P,where..
What is the marginal transformation rate for each country? Should the two countries specialize and trade? If so, who has the comparative advantage in what product? Once they specialize, how much does output increase?
The top graph gives a data set and fitted regression line useful for predicting a student's weight given his or her height. Click on any data points to remove them and refit the regression model. Can you find a high influence data point in this da..
Using the order condition of identi?cation, determine which of the four equations are identi?ed, either exact or over.
Unemployment in the labor market is increased by forces that keep wages from falling to the equilibrium level. Other than efficiency wages, unionism, and minimum wages, what other factors might cause this wage stickiness?
The initial endowments
1.using significant five items or artefacts held by the museum of london write a history of the london economy from
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