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In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies? What current events in the news can directly link to concepts or theories regarding economics?
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
neoclassical economics was a crucial stage in the creation of a genuinely scientific unified theory of economic
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
What is an efficiency wage How might payment of an above-market wage reduce shirking by employees and reduce worker turnover How might efficiency wages contribute to downward wage inflexibility, at least for a time, when aggregate demand declines
It is generally accepted that a fall in the price of a particular brand of a good could lead to less of it being demanded. Where the good in question has but two attributes: attribute 1 and attribute 2. Using Lancaster's characteristics theory in ..
Explain the law of demand and the law of supply in healthcare. Distinguish between demand and quantity demanded. What determinants cause a shift in demand? Please include reference(s).
The statement best describes the economics of Caribbean South America the people of the region largely survive on subsistence farming while national industries focus on mining and oil drilling.
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
The utility estimates that by switching to gas, it will save $22,000 per year, starting 3 years from now. At an interest rate of 8% per year, determine the present worth in year 0 of the projected savings that will occur in years 3 to 10.
You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
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