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The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed's opportunity cost of selling is $135 and Luis' valuation of the good is $185. If each gains $25 from this transaction, what clusions can be drawn?
)Now suppose that some of President's close political advisers are urging him to adjust taxes but not spending. Assuming the same initial level of G (=500), how would you advise the administration to adjust taxes to reach potential GDP?
What does this change show about how our understanding of the way the price system works to allocate resources has evolved? If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and ..
Tanya operates a home business importing sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on advertising, accounting services and u..
uppose that some firms in a competitive industry are earning zero economic profits, while others are experiencing losses. In the long run, we would expect the number of firms in the industry to.
How much labour should be allocated to plant Alpha and to plant Beta? And, at the best allocation, what is the output produced?
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month.
Determine what happens in the new equilibrium. Does the individual buy more or less of OG. Does the individual buy more or less of HC. Explain why.
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
State the commodity in which each country has absolute advantage and identify the commodity of comparative advantage for each country
Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?
Assume that the cost of electricity from a natural gas plant is 5 cents per kilowatt-hour and that the cost of concentrating solar power (e.g., production from a plant like Ivanpah) is 13 cents per kilowatt-hour. Based on our discussion of the ex..
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
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