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Explain how built-in (or automatic) stabilizers work. What are the differences between proportional, progressive, and regressive tax systems as they relate to an economy's built-in stability?
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm’s Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm’s marginal cost is given by b +2cQ. Find an expression for the Breakeven Price.
Show the first and second order condition for profit maximization. Illustrate what is the price elasticity of demand faced by this monopolist.
Suppose the central bank tightens monetary policy, raising the real interest rate from 2 percent to 4 percent. By how much does the user cost of capital rise?
According to a short article published in The Wall Street Journal on September 18, 2015, "The dollar extended declines against ... Japan's yen after Thursday's sharp losses against a broad range of currencies.
Suppose that the income effect of the tax induced price change is negligible, the excess burden of the tax will be.
Use the expenditure function calculated in part (b) to compute the compensated demand functions for goods x and y. Describe how the compensated demand curves for x and y are shifted by changes in income or by changes in the price of the other good.
What is a market economy? Compare and contrast a market economy with a planned economy. Research capitalism and socialism. What are some of the advantages and drawbacks to capitalism? How is socialism different from capitalism?
Why it is important that prices are flexible in our economy? What happens if the government controlled the level of prices, how would this influence prices? How can you relate the law of demand to a recent purchase that you have had to make?
Suppose the airline is offered $4,000 per week to haul freight along the route for a local firm. This will mean replacing one of the weekly passenger flights with a freight flight (at the same operating cost).
Why are disparities of care factored into healthcare strategic planning? Explain your reasoning and provide examples for support where appropriate.
Define and explain an open and closed system. Provide an example for both. Explain the inner and outer flows of an open and closed system. Define and explain leakages and injections in an open system.
What is the estimated annual profit for a mine producing 21,346 tons per year (which is at 100% capacity) when zinc sells for $1.00 per pound? There are variable costs of $20 million at 100% capacity and fixed costs of $17 million per year.
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