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Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.
GDP is really a measure of an economy's output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standard s.
Do you think GDP is the best measure of living standard? Why? Why not? Briefly discuss.
Prediction of changes in the business environment affecting strategic planning. Elucidate the relationship among strategic planning and organizational design.
Given a situation in a monopolistically competitive market, if my price is $10 for an item and at my present rate of output, my marginal cost is $8 per unit
What is the firm's average variable cost as a function of its output level, y? What is the firm's average total cost as a function of its output level, y? What is the firm's profit maximizing level of output, and what is the resulting profit?
Assume that the market labor supply and labor demand equations are given through Qs = 5W and Qd = 30 - 5W. If a minimum wage is set at $4.00 (W = 4),
Find the firm's optimal quantity, price, and profit (1) by using the profit and marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC. b) Suppose instead that the firm can sell any and all of its output at ..
Re-draw a money demand and money supply diagram showing the initial conditions and label as point A and
Economic growth is driven by household savings being made available for capital investment. Describe the key aspects of the globalization of financial markets since 1980 that have helped drive growth in the world economy.
Early in 2007, a survey of greenhouses indicated that the demand for houseplants was rising sharply. AT the same time, large numbers of low price producers started growing plants for sale. The overall result was a drop in the average price of hou..
The table above demonstrate the prices and quantities of 2-goods produced in a country in 2006 and 2007. These are the only goods produced in the country.
What distinguishes money from other assets in the economy? What are demand deposits, and why should they be included in the stock of money?
Illustarte what are the main costs of production for the good or service your organization supplies. Breakdown the costs from the largest to the smallest.
Then the image of a company goes up as graduate students use theorganizations products." Does such action square with a company's objective of profit maximization
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