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Explain the different methods of economic forecasting including expert opinion, opinion polls, surveys, economic indicators, economic projections, and econometric models.
Analyze how each forecasting method may be incorporated into the managerial decision-making process in the healthcare industry.
Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50 and the unit price of the input is $9. The level of productivity and the per-unit cost of production are, respectively:
Which of the following might most closely represent a monopolist? In a monopolistic labor market, the marginal-factor-cost curve is
Project 2 will consist of an application of the theory of comparative advantage as augmented by endowment theory. In your report, consider the economic inventory of the USA and use that inventory to predict the top 3 items the country is likely to ex..
Explain how the United States calculates unemployment and why many economist do not find this as a real economic indicator. How is unemployment calculated in other countries? Give two examples. What are your thoughts and ideas on this?
In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to incr..
From a development/business standpoint, sustainability has been defined as the triple bottom line which includes consideration of economic, environmental and social factors. Is this sufficient? What are the strengths and weaknesses of the triple bott..
The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the o..
Compute the price elasticity of Demand for paint also Elucidate how your calculations. Decide whether the Demand for paint is elastic, unitary elastic or inelastic.
Explain how the government can stimulate the aggregate supply. What are the implications of using this stimulus to help stabilize an economy?
How will each of the following affect the supply for insurance?
A person with diminishing marginal utility will demand insurance (i.e., will be willing to pay more to get insurance than (the negative of) the expected value of the loss lottery). Try to replicate our example of full insurance with an individual who..
Explain the difference between real exchange rate and nominal exchange rate. What determines the real exchange rate and the nominal exchange rate in an economy?
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