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Given the basic economic problem of scarcity, apply Opportunity Costs, Production Possibilities, and the Circular Wheel of Income to compare and contrast the ways in which capitalism, central, and mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
Compute accounting profit. What are the opportunity costs for the manager of being in this business relative to returning to his old job. Illustrate what is the economic profit of the business.
Elucidate how an economist could use the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
Throughout the 1970s and 1980s, genetic engineering increased crop yields in the United States. "General Motors said Monday that it will close 14 plants, including seven in Michigan, as part of its restructuring in bankruptcy."
Consider an economy where there are N consumers, each of them having one unit of available time.
Assuming that the income effect is negligible, how much will he be hurt if the cost of strawberries goes from $1 a pint to $2 a pint.
What is the equilibrium price paid by the demanders for merino ewes now. Elucidate what is the equilibrium price received by the suppliers for merino ewes.
Suppose a firm's inverse demand curve find the firm's optimal quantity, price also profit by using the profit also marginal profit equations.
Describe elderly individuals who complain about the increasing cost of their medications have no real complaint.
Illustrate what is the graph among utility and income,when marginal utility of income increases or deminishes.
By Elucidate how much also in Illustrate what direction does GDP change as a result of his efforts.
Assume you are the manager of a medium-sized industry which operates in an industry which has a four-industry concentration ratio
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