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1. What are the differences between economic and accounting concepts of cost?
2. T or F If a firm is making economic profits, and then it must also be making normal profits.
3. How are prices determined under perfect competition?
4. How are prices determined under monopoly?
According to the political business cycle theory, if the Fed wanted to see a President re-elected, prior to the election it might.
Does convergence property imply that a measure of dispersion of income per person across the economies will narrow over time? Absolute convergence held for US sates from 1880 to 2000. A measure of the dispersion of per capita income across the states..
Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1s elasticity of demand is -4, while group 2s is -3. Your marginal cost of producing the product is $20. Determine your optimal..
In the aggregate expenditures model, if aggregate expenditures exceed real GDP, the economy will:
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.
q.an amusement park is considering changing its pricing scheme from a pay-per-ride system to a single opening fee
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
You and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers making it easy for engineering graduates to find employment while there is a glut of musicians for whom finding a jo..
q. in recent years many plants have closed forcing thousands of employees out of their jobs as well as into new ones.
A firm that finds it extremely expensive to monitor the output of each worker will likely pay its workers
In a few sentences, what effect does the current supply and current demand have on this product.
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