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Question
1. The price to drive on a freeway is $0 at all times of the day. This price establishes equilibrium at 3 a.m. but is too low to establish equilibrium at 5 p.m. There is a shortage of freeway space at 5 p.m.
a. Graphically show and explain how carpooling may eliminate the shortage.
b. Graphically show and explain how building more freeways may eliminate the shortage.
2 Diagrammatically show and explain why there is a shortage of classroom space for some college classes and a surplus for others.
3 Smith has been trying to sell his house for six months, but so far, there are no buyers. Draw the market for Smith's house.
Suppose that you are a worker. Your cost of working is $5.75. Youve submitted an asking wage of $7 but no employer has been willing to pay that much. The highest bid being offered by the remaining employers is $6.10. There is only enough time left fo..
Explain how can the concepts of game theory be applied to buying through ecommerce or a retail store. Can you show me an illustration.
Explain the relationship between total, average, and marginal concepts and how these measures are important to optimization examine
If a soybean grower for who price exceeds average total cost for a wide range of output is currently producing where Average Total Cost is at a minimum.
define the union wage gain and the union wage gap. why should we care about the magnitude of the union wage gain? why
Suppose you are considering putting your savings in an investment fund. One scenario projects stable prices, and therefore, low returns. The other scenario involves high inflation and, consequently, high returns
What did classical economists assume about the flexibility of prices, wages, and interest rates What did this assumption imply about the self-correcting tendencies in an economy in recession
Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.
If the Inflation rate were to accelerate the economy would be flourishing as there is a need for more people to do the work.
Elucidate how the steepness of the short run aggregate supply curve affects the government's ability to use fiscal policy to change real GDP.
Suppose a profit maximizing firm's short-run cost is TC = 700 + 60Q. If its demand curve is P = 300 - 15Q, calculate the short run?
The size of the worker force in a community these folks are gainfully employed What is the unemployment rate.
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