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Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable. Secondly those who are trying to prove that the system is inherently unstable. For each scholar provide their position on the issue as well as the theoretical mechanism that drives stability/instability. Be sure to include each of the following:- A. Smith (Invisible hand)- L. Walras (Walrasian Auctioneer)- K. Marx (Laws of Motion)- Edgeworth (Edgeworth Box)- Keynes (Animal Spirits)- Schumpeter (Creative Destruction)
uppose a firm is operating under a competitive market conditions and going price for its product is $260. Illustrate what is firm's profit maximizing output. Explain how much profit will firm make.
Suppose the two newspapers merge. Illustrate what is the likely post- merger bargaining outcome.
what happens to the amount of debt held by the public. What would happens to the level of gross debt.
Where individual meters have been installed, water usage has declined 10 to 40 percent. Elucidate that drop, referring to price and marginal utility.
Explain how does capital help human productivity in relation to farm labor, office help, teaching, or government administration.
Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate
explain why the tax would be placed on gasoline rather than, say yachts. Illustrate what might be the long run effect of raising the price of gas.
Illustrate what is macroeconomics. What role does macroeconomics play in your personal financial decisions and the decisions that your organization makes.
llustrate the black market for lnternet access, comprising the implicit supply schedule.
You only buy apples and bananas. Your budget is such that you can purchase 3 apples and 4 bananas or 9 apples and 2 bananas. Write the equation for the budget line with bananas on the y-axis. Is that equation unique.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
A car manufacturer claims that its vehicles average at least 25 miles per gallon.
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