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1. Consider Figure 9.3. In which periods of U.S. history was output growth in agriculture the highest? In which periods of U.S. history was labor productivity growth in agriculture the highest? Recall that labor productivity growth is approximately equal to − . Are these generally the same periods? What factors can account for the differences between output growth rates ( ) and labor productivity growth rates ( − ) at different time periods in U.S. history? Explain.
2. Suppose that the demand curve in a competitive market is described by the following equation: = 20 − where is the quantity demanded for the good or service and P is the price.
A. If the price is currently $15, then what is the price elasticity of demand? Is this elastic, inelastic, or unit elastic? Show your work.
B. Suppose that there is a technological innovation in the production of this good or service that leads to a fall in the price of the good from $15 to $12. What specifically will happen to the total revenue available to the producers of this product due to this decrease in price? Numerically show and explain.
In equilibrium, what is the price and quantity of toasters? What kinds of toasters are bought and sold and which option will a low-quality producer choose
A company currently sells 60,00 units a month at $10 every unit. The variable cost every unit is $6. The company decided to raise the price about 10%.
In the United States, what has been the traditional policy for curbing the market power of natural monopolies such as utilities?
What role does money play under the Classical Macroeconomic Model? Include the impact the Quantity Theory of Money and Say's Law have on this model and state in algebraic terms how the money supply relates to prices.
What are the advantages of buying a business rather than starting one from scratch? What are the advantages and disadvantages of owning a franchise?
Discuss JIT-Just-in-Time and Lean Production - Discuss Collaborative Commerce and its benefits.
Identify the point on the budget constraint this worker has chosen. Explain how much is he working per day.
A tractor costs $19,195 and will be used for 5 years, at which time its estimated salvage value will be $4,000. Maintenance costs are estimated to be $100 for the first year, increasing by $100 each year thereafter. If i=12%, calculate the equivalent..
q1. explain how does an increase in transport costs change the gains from trade in melitzs 2003 model? are the effects
In each of the following situations, the possible bundles contain apples and oranges and either 0, 1 or 2 of each. An example bundle would be 2 apples and 1 orange = (2, 1). In each part, there is a description of a set of preferences. If the orderin..
It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this?
What is the primary goal of monetary policy and what are the three primary tools available to the Federal Reserve to meet this goal?
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