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Q1. Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers both individuals and organizations must make allotment conclusions. These 3 basic trade-offs include which goods/services are to be created, how to create them, also who gets them.
Q2. Briefly explain how these three trades-offs are determined using a good or service that you select and where the information about the product is found on the Internet:
•Which goods/services are produced in your example?•How will they be produced?•Who purchases them?
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.
When the bookstore announces a 20% price increase in new texts and a 10% increase in used texts for next year, Guojun's father offers him $80 extra.
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
What is a one invention that had good impact on the international economy and why. What were the impacts of this invention were impact good or bad.
In the country of Sildavia, a market basket of goods and services cost $ 130 in 2003, $ 140 in 2004, and $160 in 2005. Based on this information and considering 2003 as the base year, inflation from 2003 to 2005.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
What are some methods for improving the financing of the U.S. health care system. Are these methods realistic and achievable? Justify your answer with solid reasoning and appropriate references.
Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
Suppose that an increase in crime (O) also results in a per unit amount of social damage equal to d(d>0).
China has continued to lag well behind the rest of the world in information technologies
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