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Given that there is a fixed supply of land in the world, what implications can you draw from the law of diminishing returns about the effects of an increase in world population for food output per head?
What are comparable real salaries? A job paid $57,000 in 2002. The CPI in 1960 was 29.6, compared to 179.9 in 2002. In 1960, what salary would be comparable to 2002's $57,000 in real terms?
1. Why is a point below the production possibilities curve less efficient than a point on that curve? 2. Distinguish a change in demand and a change in quantity demanded. What are the causes of change in demand and quantity demand?
Illustrtae what will equilibrium GDP equal if taxes decrease 200? Why are the results different.
A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes.
Describe the possible impacts of government borrowing upon the financial system and the economy. What are the principal sources of revenue for state and local governments today Where do they spend the bulk of their incoming funds
this table shows the short run production function for a competitive firm whos output sells for 20 a unit.l q0 01 22 63
Suppose that when the price of coffee increases by 40%, the percentage change in quantity demanded by consumer is reduced by 10%. Calculate the elasticity.
As per fiscal policy makers increase the budget deficit, monetary policy makers should increase the money supply
In your professional, provide an example of supply and demand and how a shift in either caused a significant change in price or the quantity demanded.
a doctoral student has just completed a study for her dissertation and found the following demand and supply schedules
Which of the following features is needed to make bundling a possible price discrimination strategy but is not required for any other price discrimination strategies?The firm does not learn about customer demand until after purchase.
Suppose the Department of Agriculture ordered all farmers to reduce the acreage they plant by 10%. Would you expect a 10% reduction in food production? Why or why not?
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