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Explain the effect of an increase in exports on the equilibrium GDP in the Keynesian income-expenditure model. In your answer, carefully show the new equilibrium and explain the adjustment to the new equilibrium.
Dani’s work has raised her income from $100 a week to $110 a week. Her consumption of coffee has increased from 3 cups a week to 4 cups a week. What is the income elasticity of her coffee demand using the midpoint (arc) elasticity equation? (Type you..
Mitchell's money income is $150. The price of X is $2 and the price Y is $2. Given these prices and income, Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y, bundle J. At bundle J, Mitchell's MRS is 2. At bundle J, if M..
Identify and briefly discuss two real-world examples of nudging from a workplace or organisational setting where nudging is implemented.
Analyze the manager's reasoning by using economic theory.
Metallic Engineering, Inc., a manufacturer of fabricated aluminum products for aerospace, engineering, automotive, and custom industrial applications.
If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output. Illustrate what is the firm's Total Revenue.
Several questions in this problem set are based on the 8/19/12 Wall Street Journal article "Cartel Pushes Up Price of Rubber." This article is at the end of the module on Antitrust Policy. Try to read the entire article carefully first.. What challen..
What are the primary legal considerations that every human service worker must be aware of? How do these legalities help to protect us and our clients?
In a globalized workplace, many companies actively seek to move their base of operations and manufacturing plants to cities and countries with a low-cost labor force. What steps, if any, can workers take, either within a union or outside of a union, ..
We've thought about computer integration of all our manufacturing functions, but when we looked at the big picture
Suppose China produces only trucks and tablets. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing trucks than tablets, whereas others are more suitable for produci..
The production function is given by f(x)=4x^1/2. If the price of a commodity produced is $60 per unit and the cost of the input is $20 per unit, how much profit will the firm make if it maximizes profit?
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