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Why scarcity is the fundamental economic problem that all societies face? Then, explain what we study in microeconomics and macroeconomics.
a) Find the expected income for each person. b) Find the expected utilty for each person c) Show that if these to people trade income situations, both will be better off and explain why this makes sense.
According to Porter and Thomas, what are sports teams doing to cause persistent shortages? How can these shortages be rational, profit-maximizing pricing strategies? You will need around 100 words to thoroughly answer this question.
If the government levies $20 billion in taxes to finance additional spending on military weapons, the net impact on total employment will be
Explain why do economists include only final goods in measuring GDP for a particular year and why dont they include the value of stocks and bonds sold?
Frigid Florida Winter is Bad News for Tomato b Lovers An unusually cold January in Florida destroyed entire fields of tomatoes and forced many farmers to delay their harvest. Florida’s growers are shipping only a quarter of their usual 5 million poun..
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
Why math and programming (ex. Excel, R, or Python) is helpful in money banking and financial markets?
Explain the difference between inferior goods and normal goods. As a developing economy experiences increases in income (measured by GDP), what do you predict will happen to the demand for inferior goods. Explain the theory that education acts as a..
Caroline received a $1 million payment from a lottery ticket. She decided to use the money to purchase a cupcake business. If Caroline had invested the $1 million in a money market account, she would have made $30,000 in interest each year.
Consider what will happen if this becomes a repetitive game (both oil companies knowing they will share many oil fields over the next years). Will the dominant strategy survive, and-if not-what strategy could emerge as "best?" based on the scenari..
Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
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