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1. Describe how the concept of scarcity affects the aggregate supply curve.
2. Assume the government mandates that all firms over 50 employees must provide an increased level of health care benefits. Could you please describe what effect this will have on the aggregate supply curve.
3. Assume the economy is at equilibrium and output is at 20,000. A rightward shift in the supply curve shows that the economy can produce 26,000 at the same price as before. Where will output be at the new equilibrium? Above the new 26,000 possible output, equal to the new 26,000 possible output, or below the new 26,000 possible output? Why?
4. Suppose the government increases the retirement age to 75. That is, workers will not be eligible for full retirement benefits until they are 75. What effect will this have on aggregate supply?
Elucidate the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
To finance this subsidy every pair of stilts purchased by someone who is tall is taxed at a rate of T percent.
If you could identify which the group to that each consumer belong to explain how would you go about setting prices.
Assume the Chinese government abandons the peg and allows the yuan to float.What would be the effect on Chinese imports and exports.
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
Illustrate how is the magnitude of each affected if, instead of a moderate inflation, hyperinflation occurs.
Illustrate what other information would you want before you decided where to establish a new production facitily.
Apart from the abundance of these resources, you also see a lot of poverty. Can you provide an economic explanation of why poverty exists
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Elucidate how your explanation differs from the explanation for the downward sloping demand curve for a single product.
Application of Nash Equilibrium and Game Theory with examples
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