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Suppose an economy's nominal GDP increased 3 percent in 2008. Why is this information alone not enough to determine whether the economy experienced economic growth? What other information would you need?
Elucidate the balance sheet balances if these are the only assets and liabilities. Supposing that the people hold no currency, what happens to each of these values.
Consider how to explain how higher saving leads to a higher standard of living. What might deter a policymaker from trying to raise the rate of saving?
The Nottinghamshire Research Observatory in England calculated that students who attend Nottingham Technical University spend about £2,760 each in the local economy for a total of £50.45 million. In total, the impact of their spending on the local ec..
A sample of students responses are reproduced below. Do students prefer a particular type of bar food? Use critical value = 6.58.
Suppose we are given the firm’s marginal rate of technical substitution of labor for capital at the combination of labor and capital firm currently uses. Can we determine the Firm’s marginal product of labor and the margianl product at that combinati..
Assuming the heights are normally distributed, what height represents the first quartile of these students?
Five ice cream vendors take up positions along a beach of length one. You may take it as given that there is a Nash equilibrium with two vendors at some point x, one vendor at 1/2, and two vendors at point 1 x. Find x, and justify your answer.
You have learned that earnings functions are one of the most investigated relationships in economics. These typically relate the logarithm of earnings to a series of explanatory variables such as education, work experience, gender, race, etc. Why do ..
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
wicksteed made a significant contribution to value theory during the marginal utility revolution. this contribution was
Consider an infinitely repeated Cournot competition with N firms. The market demand is Q(p) = 14 – p. All firms have the same cost function TC(q) = 2q. The common discount factor of firms is δ
a) What is the price elasticity of demand? b) What is the monopoly price? c) What is the markup over marginal cost? How is this related to the elasticity?
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