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After a cyclone banana crops have been destroyed, in response to damaged crops banana prices increased from $2 to $15. How do you expect the Banana market to adjust in the long-run? [Use graph to explain point]
ssume that the supply and demand curves in a market are described by the following equations. Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may us..
A firm should continue to hire more workers as long as wages are low.” Do you agree or disagree? Why? A union could raise wages without causing unemployment of union members if it can increase demand for union labor. How might this goal be achieved?
Please identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. A definition of the measures used to determine econom..
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds.
Explain how debt reduction in developing countries can improve the economies of advanced countries.
In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping
In Plato’s virtuous state composed of virtuous citizens, he argues that it must allow for _____ & thus is neither elitist nor totalitarian (i.e., dictatorial). Virtue ethical theories are teleological because they are based on natural ___________.
Briefly explain what inflation targeting is and list the five (5) main elements related to it. Then discuss the four (4) advantages and three (3) disadvantages of this type of monetary policy strategy.
What was the result of the merger and merged firm on the petroleum industry? Did the price of gas go up or down? What role did the Federal Trade Commission (FTC) and Department of Justice (DoJ) play in this merger? What did the FTC and DoJ require to..
Consider and economy with the following production technology: Y = 9K^1/3 L^2/3 , where the aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is 1. Compute the equilibrium wage and capital return. Compute total payme..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 80 – .5P, and the marginal cost of production is $100. a. Determine the optimal number of units to put i..
Calculate GDP loss if equilibrium level of GDP is $10,000, unemployment rate 8.8%, and the MPC is 0.75. How much money should the government spend to eliminate this GDP loss? List three reasons why the aggregate demand curve is negatively sloped (dow..
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