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Be sure to explain what you are doing and show your work in the numerical problems, and provide a brief but complete answer to the discussion questions. Each part of a problem is weighted equally. Be sure to express the appropriate units for your answers. You should draw graphs for each problem to help guide your analysis.
Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.
how demand and supply determines prices in "contemporary art market" and the effects on speculation
the gpi bookstore orders sweaters with the gpi logo on them and sells them for 40 a piece. during a typical month 80
profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
Discuss the background of Federal Reserve's Chairman Ben Bernanke in detail including his educational background to his accomplishments to his role in running the Fed. What is his legacy regarding the Federal Reserve?
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
based on grossly distorted picture how useful do you think gdp is as an economic indicator? what are its limitations as
Suppose the market demand for burritos is given by Q d = 40 – 5P and the market supply for burritos is given by Qs = 10P – 20, where P = price (per burrito).
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
Think a small open economy with a fixed exchange rate system. Assume there is a general expectation that central bank will revalue the domestic currency in the future
A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
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