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Capitalism was a derogatory term coined by Karl Marx to deride the riches of those who accumilated captital . He said that the accumulation of capital helps the rich get richer while simultaneously making the poor get poorer.
Have the poor become poorer under capitalism?
Based on the growth model presnted in the text , what would you expect to happen to poor people's income when society accumulates capital? (Austrian)
If the firm is currently producing 30 units, what are its marginal cost and marginal revenue at the current output level?
This is a point I find very confusing and very hard to justify to students. Depending on the books, one finds many different conventions regarding the sign of elasticities and marginal rate of substitution (MRS). Some define them taking absolute valu..
Do you agree or disagree with the following statement? "Politicians would make more rational economic decisions if they weren’t running for re-election every few years.” Are there any benefits of making politicians go up for re-election?
A Big Mac costs $5 in the U.S. and 7 euros in Germany. If the exchange rate is 0.6 Euros per dollar, is the dollar undervalued or overvalued against the Euro? What would you expect to happen in the currency market? What objection do you have to using..
Explain the process that all teams go through when they are being formulated. List and explain the guidelines for team building. Why is there so much emphasis on team building in the world today.
How much (per unit) is the tax? Briefly discuss how incidence of the tax is divided between buyers and sellers in this case. Find comsumer surplus and producer surplus both before and after the tax. How much tax revenue has been generated? What impac..
At the end of a projects life, an asset will be disposed. The projects cash flow statement will show a small gains tax credit (positive cash flow). Which of these statements must be true?
The production function at Jerry’s Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. Draw the average product of labor (APL) curve for this production funct..
Arkensland is a highly industrialized countr. Prices have been steadily increasing over the last few years and inflation reached an all-time high of 8 % last year. Following this, the central bank came under pressure to reduce inflation to least 4 % ..
A newspaper recently lowered its price from $30 to $25. As it did, the number of newspaper sold increased from 20,000 to 25,000. What was the newspaper’s price elasticity of demand? Was it price elastic or inelastic? Explain and show your work. Given..
q.analysis the demand for housing is often described as highly cyclical and very sensitive to housing prices and
For each of the linear demand function p = -6q + 540 Calculate the price elasticity and write it only as a function of q, Calculate the marginal revenue, Draw demand and marginal revenue together on 1 graph. Show that the expected relationship betwee..
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