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Diamond/Water
Early Classical economists found the following "diamond/water" paradox perplexing: "Why is water, which is so useful and so necessary, so cheap, when diamonds, which are so relatively unnecessary, are so expensive?" In modern economic terms, explain the water/diamond paradox.
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
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:
Colin faiths that the number of job offers he will get depends on the number of courses. He concludes from observation that the following figures are typical.
Suppose the CFO of a German corporation with surplus cash flow has 1 million Euros to invest. Suppose that interest rates on 1-year CD deposits in U.S. banks
Because net exports are counter-cyclical, analyze how the following change during an economic expansion: Consider the case in the context of a flexible exchange rate and a fixed exchange rate.
Explain International Monetary System
Compute the velocity for the two countries in 1985. Explain why do you think the velocity was so much higher in Brazil.
Using the exchange rates and prices in the tables above:
Illustrate what are your preconceptions of economics. Do you think economics will be a relatively difficult course.
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