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The Great Recession of 2007-2009 affected millions of U.S. citizens and had multiple causes. What were some of the major contributing factors and how did they combine to cause the recession? How were you affected by it? What are some long-term implications?
If the price changes above occurred for all goods across the economy during the four year period, elucidate how nominal GDP and real GDP would differ.
Show how to find equilibrium in an RC model? What is the relationship between the marginal rate of substitution between leisure and labor and the marginal product of labor in the RC model.
How does the free rider problem explain why telephone companies are usually successful in getting permission to raise their rates?
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Assume you own a home re-modelling company. You are currently earning short-run profits. The home re-modelling industry is an increasing-cost industry.
Explain how do you define social diversity and business ethics. How has a more diversified labor force affected the corporate structure and economy.
Explain how would you classify the product in terms of it's income elasticity.
Illustrate the infant industry argument for putting up barriers to imports. What are its merits and weaknesses.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
Compute the effective price reduction resulting from the coupon promotion.
As we know about the own-price elasticity for good x.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
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