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Q. wage rate is $40 per day and the exchange rate of £1 = $1, what is the upper limit to the wage rate in the United Kingdom that is consistent with two-way trade between the countries?
Q. A father goes to a pharmacy late at night for cold medicine for a sick child. There are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Explain in economic terms, this perplexing situation to the father.
Illustrate what would be the cost saving of this change
One day you arrive to discover that the coffee shop has changed its name to Five bucks and is now charging $5 per cup.
Illustrate why might Fourth of July fireworks be considered a public good. who should pay for them. what about airport security.
Compute how this policy affects consumer surplus, and the cost of pollution. Would you recommend this policy.
Examine the following list of goods and services. Which goods and services should be included in Fredonia GDP in 2009, which should be excluded, and why.
Elucidate the Total Cost also the firm total profits. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
Illustrate what would happens to P* if there is a decrease in demand followed by an increase in supply followed by another decrease in demand.
Illustrate what is the best measure of economic well being of individuals in society.
This graphing calculator illustrates the demand for spaghetti dinners served in all the restaurants in a society.
Coupled with $160 annual tax rebate per household. Will the household be better or worse off under the new program.
for each bundle that the consumer chooses, show the indifference curve that goes through that bundle. Make sure to label your graph carefully and accurately.
Illustrate what is happening to the value of the US dollar these days. What causes the value of the US dollar to rise or fall.
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