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Problem: Work through this simulation: Poverty Simulation. It is set in India but the type of tasks, money issues, etc. are pretty similar to a lot of the families that receive Beeline Chairs. It took me about a half an hour to do the simulation. It starts with a video - it is interesting but you could also do the simulation without watching. The video is 7 minutes and the simulation has clear directions - you work though one week's time. I've done it a couple of time and haven't had a successful week yet - if you have one, I'd love to hear your strategies. Once you complete it, respond to the prompt below. Reflect on what you did and how you felt and what you learned during your experience with the poverty simulation. How does this compare to what you learned from the economic development activity in Class Activity 6?
Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?
Explain with illustration the abnormal supply curve
A country has GDP of 10bn pesos and its government has borrowed 1bn pesos of money domestically and $4bn in U.S. dollars. The exchange rate is $1 = 1 peso. Interest rates are 10% on peso denominated debt and 5% on dollar denominated debt. What ..
The increase in the share of profits in national income has brought about demands for an increase in corporate tax. Consider a closed economy where the share of profits in national income is α, and where d of the after-tax profits are distributed ..
What is the Dunkin Donuts price elasticity of demand? What is the cross price elasticity of demand for a Krispy Kreme Donut?
explain the concept of diminishing marginal utility. since all goods are scarce does diminishing marginal utility
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Economists have long known that free markets are perfectly efficient. Consider Q1 in the graph, above. How much do consumers value one more unit of output.
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
Suppose that John is currently earning an income of $10,000 (I = 10) and can earn that income next year with certainty.Should he take the new job if is a risk neutral agent.
Why do you think Apple moved from one to three price points in 2009? What types of songs do you think Apple tends to sell at the lower prices?
ECON11026 Principles of Economics Short Answer Questions. Plot the marginal revenue curve corresponding to the kinked demand curve and explain
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