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Mark quit his job as a salesman where he made $43,000 per year to start his own t-shirt making business. His business expenses are $6,000 per year on rent, $12,000 per year on supplies, and $4,000 per year on part-time help. As for his personal expenses, his apartment costs him $4,800 per year and his personal bills are an extra $1,200 per year. What is Mark's opportunity cost of running the business?
What is the main policy message of the AS-AD model, and how does it relate to the 1930s Keynesian revolution in economic theory? What should today's policy-makers assume about the natural rate of unemployment?
Elucidate the importance of competition among firms. Explain whether the competitive environment in this industry benefits society or not.
Keynes's theory of employment and output 1. output and employment determine aggregate demand 2. output and aggregate demand determine employment
Using a money market diagram and a diagram of aggregate demand and aggregate supply, explain how the Reserve Bank of Australia (RBA) can eliminate an inflationary gap.
Using the exchange rates and prices in the tables above:
Suppose that the production function for iPods isQ= 20K0.5L0.5. The marginal product of labor is 10(K/L)0.5, and the marginal product of capital is 10(L/K)0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the firm ha..
Assume there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any value it sets, but Chevrolet too is interested in maximizing profit.
Discuss the use of such national income accounting metrics as GDP as measures of social well-being - Is GDP a useful and accurate guide to the attempt to quantify the welfare of society in the aggregate? Explain.
the 2009 world development report provides the following information for colombia and thailand. explain carefully what
A rural utility company provides standby power to pumping stations using diesel-powered generators. an alternative has arisen whereby the utility could use a combination of wind and solar power generators, but it will be a few years before the ene..
Explain how should we expect this phoenomenon affect the US economy at the macro-level, short run and long run.
What is the effect of importing second hand clothes on the economy of developing countries?
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