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1. Distinguish between theorems and precepts. Is it possible for two economists to agree about theorems but disagree about precepts? Why or why not?
2. What is the difference between normative and positive statements?
Do they differ in their approaches to explaining why the long-run MPC is greater than the shortrun MPC ?
Dayan's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is C = 100 - 5Q + Q2, and demand is P = 55 - 2Q. a. What price should DD set to maximize profit? What output does the firm produce
Is it sensible to continue to operate at a loss with 14 workers?
If the city wishes to raise as much revenue as possible from the tolls, where will the city decide to charge a toll: in the inelastic portion of the demand curve, the elastic portion of the demand curve, or the unit elastic portion? Explain.
Determine the average operating expense ratio for a savings and loan association with the level of total assets determined in Part (a) and 1 branch. Same question for 10 branches
Use this modified diagram to examine the effects of temporary and permanent changes in monetary and fiscal policy.
By what multiple will the deadweight loss increase? (You may assume that at the new tax, the equilibrium quantity is positive.)
Calculate the profit each firm earns in equilibrium
Determine the Net Present Value of the cash flow at annual interest rates of 15%, 20%, and 30%. At what (interpolated) rate would the NPV become zero What is such a rate called Also, calculate the payback periods,
Suppose that a government law required both groups of workers to be paid $22.50 an hour. Draw a graph to illustrate what would happen to the quantities employed of the two types of labor.
Should it buy the insurance policy if it cost $1,500? $3,000? c) What is the most the household would be willing to pay for this insurance policy? How does your answer relate to the concept of risk premium discussed in the text?
The number of people without jobs who had stopped looking for one, believing that there were no jobs out there for them, was about 80,000, which represented a fifth of those not in the labor force. Further, the number of people with jobs throughou..
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