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Use the graph to illustrate the economic concepts of scarcity, unemployment, inefficiency, and opportunity costs. When possible, use data points on the graph to accompany your verbal explanation.
If Argus Corporation produces 8,000 vacuum cleaners per month, what is the estimated average variable cost? Marginal cost? Total variable cost? Total cost?
A decrease in demand for coffee can be cause by:
If you are a domestic producer competing with cheaper imports, you prefer
Describe what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run?
Consider a country that is operating with a fixed exchange rate under conditions of perfect mobility. Explain what effects you would expect an in increase in world interest rates to have on the equilibrium values of the following domestic macroeconom..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
Gordon also works 5 hours a week for the economics department to maintain that departments web page. Illustrate the economics department pays gordon $20 per hour.
Suppose you enter into a loan agreement to borrow $100,000 to help finance the purchase of a new home. The loan contract specifies a term of 30 years with monthly payments determined at a fixed rate of 6% APR. What is the amount of your monthly repay..
Consider the following model of demand for insurance (identical to that studied in class). Risk-averse individuals maximize expected utility of wealth where wealth is random due to a loss L, that occurs with probability π. It is assumed that insuranc..
Are you surprised by the variety and range of issues addressed by the World Bank - projects that meet basic needs such as fresh water and programs to provide Internet services? What are your thoughts on this variety?
q1. a war breaks out which destroys industry facilities including factories machine etc. explain how explain how this
In 2013, American Airline wa charging $ 2,386 for round trip, non-stop and unresticted ticket between Boston and Dallas, but the price has been cut in half to $ 1, 698. (1) What can you say about the price elassticity of business travel damand on tho..
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