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Derive and explain the derivation of a production possibility curve. Show how it is possible to have actual GDP above "potential GDP." What is potential GDP?
Researchers have found a hybrid of corn that is cheaper to grow. This technological breakthrough
A monopsonist’s demand for labor can be written as VMPE = 40 – 0.004ED. Labor is supplied to the firm according to w = 5 + 0.01ES. Thus, the firm’s marginal cost of hiring workers when it hires off of this supply schedule is MCE = 5 + 0.02ES. (a) How..
It is $16 trillion today. Does this mean that the average American is twice as well off today than in 1996? Why or why not?
Under what circumstances are economic profits a good indicator of market power? Explain why it is not possible to estimate the demand curve simply by fitting a line through annual observations on price and quantity.
Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v i..
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
What will happen to the price of the computer in Yuan. Illustrate what will be the effect on Dell's cost of production.
What is the federal funds rate? Why is it a vital component of macroeconomics? How does the Federal Reserve influence the federal funds rate? Graphically illustrate the impact of an FOMC open market operation that aims to reduce the federal funds rat..
A market basket is made up of three goods, 10X, 12Y, and 18Z. The prices in the base year are $1.20, $2.10, and $3.25, respectively. The prices in the current year are $1.44, $2.23, and $3.88. What is the approximate consumer price index in the curre..
The Milwaukee Brewers are playing their archrival the Chicago Cubs. Bleacher tickets for the game were sold out and many fans would have attended if tickets were available. Did the Brewers use the optimum pricing policy? Explain. If not, explain. Wha..
What would happen to the Production Possibility Frontier over time? How would invention and technological improvement modify your answer?
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
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