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GDP can increase from one year to the next by: Increases in prices while quantities of goods and services are constant. Increases in the quantities of goods and services produced while prices remain constant. Both prices and quantities of goods and services increase. All of the above.
Suppose Apple has a monopoly on iPhones and Verizon has a monopoly on data plans. An iPhone without a data plan is worthless, and a data plan without an iPhone is worthless. Thus there is no such thing as a demand for iPhones or a demand for data pla..
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would t..
the industry that this claim were untrue, what critical questions could you ask about the HHI used for the study
A county with 1M (M for million) population, 2% unemployment, and no in ation, voted to build a stadium and rent it to a professional baseball team. The team owner, who was not a county resident, was to pay $1M per year rent for use of the stadium an..
Describe what will happen to total revenue in the following situations: Price decreases and demand is elastic. Price decreases and demand is inelastic. Price increases and demand is elastic
The Fichser-Tropsch (F-T) process was developed in Germany in 1923 to convert synthesis gas (i.e., a mixture of hydrogen and carbon monoxide) into liquid with some gaseous hydrocarbons. Interestingly the F-T process was used in World War II to make g..
q1. portland and aleland are two identical countries. beer manufacturers in each country compete under monopolistic
At the prompting of the United States, Japan relaxed the restrictions and allowed the companies to invest anywhere in the world. Illustrate what effect do you think this had on the yen/dollar exchange rate and the trade balance between the two cou..
Discuss how financial friction increased sharply during the financial crises of the 1930s and 2007-2009 and how it intensified the crises.
One thousand Patients called up Dr. Kalikorn and asked him to perform a new surgical procedure. Dr. Kalikorn booked all 1,000 and told them that he could perform twice as many procedures, if only he had more patients. What is his quantity supplied?
Suppose that you have a von Neumann-Morgenstern utility function given by. Over what range of wealth is this function potentially appropriate to analyze your financial choices under risk? What is your Arrow-Pratt measure of risk attitude?
Compute the equilibrium level of income. Sketch this equilibrium position using a two-dimensional graph.
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