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Economists believe that markets generally are “efficient.” What does this mean and why do they believe it? Use Consumer Surplus, Producer Surplus, and Total Consumer Surplus to fully answer this question.
q1. assume the monthly demand for soda by a consumer is given by.a. if the price of soda is 1 per can explain how many
Countries seeking to adopt the euro as their currency must meet certain criteria, including the requirements to keep their government budget deficit equal to 3% or less of GDP, and to hold government indebtedness to less than 60% of GDP. Discuss why ..
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
What is rehabilitation and what is the history behind it's use? What is the philosophy behind the use of rehabilitation?
A major contributing factor in the start of the slave trade in the New World was?
Suppose you manage a rm with two production plants. The marginal product of labor at plant 1 is MP1 = 1400 - L1 where L1 is the number of workers employed in plant 1. The marginal product of labor at plant 2 is MP2 = 2000 - L2 where L2 is the number ..
If the cross-price elasticity between two goods is 1.5, the goods are ____________.
Explain why it is not possible for one agent to have a comparative advantage in all goods, a worked example with calculated values would be useful.
There are five flights daily from Pittsburgh via US Airways into the Bradford, Pennsylvania, Regional Airport. Suppose the probability that any flight arrives late is 0.20, the probability that none of the flights are late today is [a]. (Note: keep t..
Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 2..
A low - cost noncontact temperature measuring tool may be able to identify railroad car wheels that are in need of repair long before costly structural failure occurs. If the BNSF railroad saves 100,000 in year 1, $110,000 in year 2, and amounts incr..
A. What is Say’s Law? How may it fail to hold in a monetary economy? B. Explain how deficit spending may increase national output in a setting of flagging private investment. How does the propensity of consumers to spend their income shape this effec..
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