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Draw a graph of a perfectly inelastic demand curve. Think of a product that would have a perfectly inelastic demand curve. Explain why demand for this product would be perfectly inelastic.
A decrease in aggregate demand is seen as a(n): The economy is in a recession. Which of the following is a fiscal policy that the government should adopt to strengthen the economy?
A competitive, profit-maximizing firm will choose to hire workers up to the point where the value of the marginal product:
In 2010 the Financial Times reported that the Mexican Finance minister called for a third change to the country's taxes in as many years. (Financial Times, March 19, 2010) The result would be an increase in tax revenue for the Mexican federal ..
Draw the indifference curve for perfect complements where the the utility function is given by U=MIN(X,5Y). Sketch the curve for utility levels 1,3 and 5
Business person A has the option of taking out a bank-loan for opening a store that would compete with business person B, who already owns a store. Business personB, not knowing whether or not A has taken out a loan, can decide whether or notwhether ..
Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.
When the price of an input falls, a firm's marginal cost curve shifts down and overall production increases so that more of every input is employed is known as a the output effect
Are you concerned that automation may increase unemployment or underemployment in the United States and around the world? Why or why not?
Identify at least four policies from the textbook that the government has created to impact economic growth and productivity. Evaluate whether each item has enhanced or diminished your quality of life, and make any appropriate recommendations that mi..
First present a brief definition of macroeconomics and also briefly explain how it differs from microeconomics. Next, define the concept of an economic model and also differentiate between an exogenous variable as opposed to an endogenous variable in..
consider an islm model of an economy with the following equationsc 300 0.6ydi 100 - 5i 200 100t 0.2yl 0.5y - 30i
Why would some firms want the minimum wage to be increased? Why would some managers who believe that workers "deserve" higher wages cut fringe benefits or increase worker demands in response to a hike in the minimum wage?
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