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We would like to determine if Candidate 1 will win the upcoming mayor race. A randomly sampled poll shows candidate 1 ahead of candidate 2. Candidate 1 is projected to win 45% of the votes and Candidate 2 is projected to win 43% of the votes. If the margin of error is 3% for the poll, are we confident that Candidate 1 will win the election? Do the confidence intervals overlap at 3% margin of error?
Canada, the US and Mexico are clearly separate countries. Does this information alone imply a lower standard of living in each of three nations compared to the condition where they are united into a single new country?
Explain why might intangible resources such as human capital and intellectual assets be a more likely source of sustainable competitive advantage than tangible resources.
Calculate the profit-maximizing price and quantity combination for the firm. What are the firm's profits and calculate the equilibrium price and quantity algebraically
Make a brief history of the FEDERAL RESERVE system and explain the organizational structure of this agency as well as the role the Fed has in drafting and implementing United State Monetary policy.
Assume labor's share of GDP is 70% and capital's is 30%, real GDP is growing at a rate of 4 percent a year, the labor force is growing at 2 percent, and the capital stock is growing at 3%.
Explain how the central bank in a modern economy operates; in particular, how it tries to control the monetary base (H), and thus the quantity of money (M) via open-market operations.
Illustrtae what is the profit-maximizing level of price and quantity for this monopolist.
Suppose there are 7 firms in the candy industry with the market shares shown below. What is the HHI for the industry? When a monopolistically competitive firm's demand curve shifts leftward, what happens to its marginal revenue curve?
In what ways can the GFC be seen as being part of the business cycle and what are the possible longer term effects of the GFC?
Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (MPPL) schedule.
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
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