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1. Could a nation's production possibilities curve shift outward? Describe what such a shift would mean, and discuss at least two events that might reasone such a shift to occur.
2. By 1993, nations in the European Union had eliminated all barriers to flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs needed to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Describe the effect of such clauses on both the government, and other customers, noting, inter alia, the effect on the selling firmâ.
A severe drought has make a shortage of tomatoes. Jim makes his own barbeque sauce. One of the main ingredients of his sauce is fresh tomatoes.
Expalin how does it estimate the demand for new products so that it can prepare a production run. Which is more important for your business: lower cost, quality, customer expectations, or some other feature.
Suppose the externality/public good aspects of weather forecasts and argue for or against such a "privatization" of weather forecasting.
Elucidate how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs.
Elucidate proportion of the variation in sales is explained by the independent variables in the equations
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
Elucidate how each of the following changes would shift the aggregate demand curve.
From this information, can you devise a general rule explaining how the Herfindahl-Hirschman index is affected when exactly two firms in the market merge? (Hint: compare a2 + b2 with (a + b) 2)
According to Colander, the perfect definition of economics. The three central coordination problems any economic system must solve.
The supply and demand equations for a hypothetical perfectly competitive market are given through QS=-100+3P and QD = 500 - 2P.
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