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For each part below, carefully draw the appropriate diagram(s) that capture the situation described. Explain how your diagram appropriately represents the situation. Assume the pie bakery described below uses a fixed amount of capital inputs.
a) Initially, a pie bakery operating in a perfectly competitive market is producing pies but reporting zero profits.
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b) An excise tax is applied to pies and now the bakery reports negative profits but still remains in business.
c) Workers at this bakery accept a pay cut of $28 per week to help ensure the company would stay in business. Diagram and explain how a cut in wages may improve the firm's economic position
Explain a/an economic indicator used to determine the health and direction of our economy. Discuss whether the indicator is cyclical or counter cyclical. What are some other indicators of how well the economy is doing not mentioned directly in the te..
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Assume the Federal Reserve decides to sell $25 billion worth of U.S. Treasury bonds in the open market. Describe the process through which this action will impact the level of reserves in the banking system.
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