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Robert and Janet are discussing unemployment and inflation in their country. On the basis of a recent newspaper report, Robert claims that a 5% reduction in unemployment will lead to a 2% rise in inflation. On the other hand, Janet insists that inflation is a far bigger problem than unemployment and should be addressed with prime importance. Classify Robert's and Janet's statements as positive or normative. Briefly explain how you make the distinction between the two statements.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product.
The government wants to increase real GDP demanded to $15 trillion at the given price level
The oil price shock embodied an inflation rise of 3 percentage points and inflation turned out to be 1.5%. What effect did the financial crisis have on the unemployment rate?
Suppose that the price of Hershey’s chocolate increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer.
Store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users.
Within 20 years we will have seen the emergence of enormous global markets for standardized consumer products. Do you agree with this statement? Why or why not?
q.this is a drag-and-drop question. click on the curves below and drag them to a new location on the graph that will
Explain is there a relationship among the age of an unemployed individual and the number of weeks of unemployment.
You are the manager of a firm which produces also markets generic type of soft drink in a competitive market.
Each firm can monitor the other's price very closely and can respond instantly
Discuss the stability of the country's currency on the foreign exchange market. Has the value of the U.S. dollar impacted the selected countries' currency value?
q.define inflation. assume that you live in a simple economy in which only three goods are produced and traded fish
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