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What do you think would happen to our idea of the basic economic problem (want vs. need vs. price vs. limited resources) if we discovered a natural resource that could reproduce itself any number of times and could be transformed by labor into any good or service? Give an example of a hypothetical product or resource.
Describe and discuss your price elasticities for such products and discuss the movement of your demand for such a good when the price of that good rises. Share with your classmates whether your demand for the selected good is elastic, unit elastic, o..
An unregulated natural monopoly can lead to all of the following except
Define real and nominal GDP. Which form of GDP (real or nominal) do you believe should be utilized when assessing the performance of the US economy over time? Why?
A? person's income is ?$300?, the price of a video is ?$55?, and the price of deluxe pizza is ?$15. At?equilibrium, the marginal rate of substitution is equal to the slope of the price consumption curve. the consumer is buying three times more videos..
q1. calculate the range of marginal revenues on the vertical portion of the mr curves at the level of output where a
A county is considering using a piece of park land for one of two alternative recreation projects.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are $100.
Illustrate what is the point price elasticity of supply at the equilibrium quantity. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20.
Kate's utility function includes coffee (c) and sugar (s). She only consumes coffee and sugar together, and she only consumes in the ratio of one unit
A tobacco company is interested in hiring a salesperson to promote smoking cigarattes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. During their first year on the job, what are the expected sales of Patty and ..
Which dominant Comparative politics theoretical approach might help us understand why US and Britain adopted Presidentialism and Parliamentialism governing systems?
What are the advantages and disadvantages of being the first mover in an industry? Give some examples of first moverand late mover firms and were they successful?
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