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Explain why inflation is a main concern for an economy, and examine how well inflation in Australia has been managed by the monetary authority over the last 10-15 years.
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
Most of us participate in the economy every day. As households, we can provide labor to companies or government in the input market and we are also consumers of goods and services in product market.
Citrus Speculation and Forecasting, Corporation, has been employed by a private consortium of orange growers to forecast what will happen to the price and output of oranges under the situations listed below.
Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Given the global economy, increase of emerging economic superpowers such as China and India, and challenges to remaining competitive in a global world, do you think that American federalism remains relevant?
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