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Suppose that the residents of Veggieland spend all of their income on cauliflower, broccoli, and carrots. In 1998 they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $50. In 1999 they buy 75 heads of cauliflower for $225, 80 bunches of broccoli for $120, and 500 carrots for $100. If the base year is 1998, what is the CPI in both years? What is the inflation rate in 1999?
Many developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems. Now, in the light of the evident failure of socialism, many of these countries seek to create fast growth
What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
In doing so, she joined a long list of accomplished lawyers who have failed to pass the notoriously difficult examination, including a former governor who required four attempts to pass and a Los Angeles mayor who gave up after four tires. In the ..
suppose you own a taxi company in new york city. assume further the taxi industry in nyc is described by a perfectly
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
Suppose it costs each person $20 a day to fish and that fish sell for $10 each at the market. At the social optimum, how much would it hurt all the other fishermen (combined) if one more person started fishing?
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Jet Set Travel, Inc. (JTI) has been hugely successful in the distribution of stylish, comfortable shoes for travel. Please describe how non-value added costs can damage the company, it sales, it costs, and it's value chain
Analyze how inflation could occur in a society that relies exclusively on barter versus money. Speculate what form inflation would take and how you would recognize it. Provide support for your response.
When obama was campaiging for president in 2008 he proposed more government spending paid for with higher taxes on the rich. What impact would those options have on the equilibrium?
amalia alexia and ariane work together in a homework group on a problem set. each group member i 123 can exert effort
What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.
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