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Former president candidate patrick J buchanan has argued, " the US labor supply has grown by more tens of millions in the past twenty five years than in any other period in history.
How could the price of labor not fall? answer Buchanan's question: If there is an increase in labor supply, does the equilibrium wage have to fall?
Many colleges sell special cards that students can use to purchase everything from textbooks or meals in the cafeteria to use of washing machines in the dorm. Students deposit money in their cards; as they use their cards for purchases.
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
A friend of your is considering two cell phone service providers. Provider A charges $120 per month for the service regadless of phone calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
An American Company that sells consumer electronics products has manufacturing facilities in Mexico, Taiwan, and Canada. The average hourly wage, output, and annual overhead cost for each sit.
Explain the relationship among household disposable income, consumption, and savings. What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving?
Could someone please explain this I think it means that because of the large crop, farmers' incomes will fall because of the increase supply per farmer. Prices would then have to be competitively low to sell due to the high supply and as such the ..
Assume that both the equilibrium price and quantity of golf clubs rise. Which of the following explanations would best explain this outcome?
Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along the curve. Determine which curves is involved and the direction of change.
"It is Adam Smith's greatest contribution that he recognized in the social world of economics what Isaac Newton had recognized in the physical world of the heavens: a self-regulating natural order." Paul Samuelson a. What was that "self-regulating..
Monopolistically competitive industries consist of a large number of firms, none of which has a large market share. Oligopoly is different. This market structure involves an industry that is dominated by a small number of firms.
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