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1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?2. Explain the major components of the market for goods and services. What key macroeconomic variables influence spending on those components?3. What are some of the inconsistencies that made economists skeptical of the value of large, structural macroeconomic models? How did the overconfidence of macroeconomists after the long expansion of the 1960s lead to the inflation of the 1970s?
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?
Antitrust laws attempt to prevent monopolies from A. imposing large welfare losses on society B. producing too much output and flooding the market C. reducing barriers to entry D. pricing products too low. A monopolistically competitive firm is cha..
Why is income inequality regarded by many people as a form of market failure and describe how tax creditsare used in New Zealand to modify the distribution of income
Which of the following statements best describes the retail market for electricity - Estimate the (own) price elasticity (of demand).
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Calculate the present value of the costs and the present value of the benefits of each career path assuming an interest rate of 3% and then again at an interest rate of 10%. Which of the career paths should she pursue under each interest rate?
How can providers of legal services differentiate their products? How does Nolo.com attempt to do this?3. Search the web for at least three additional online legal firms and compare the services these firms offer (a quick bullet list will suffice..
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
Discuss how organisations design and build services to attract new and existing customers to buy their services. Refer to the research you have presented previously in your research report.
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline
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