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Q. Problem #1: Use 2 goods to construct a production possibilities curve. Explain what a variety of different points on the curve mean. What would make the contract curve or expand? Why is efficiency lost at the boundaries, as while substantially more of 1 good and very little of another is produced?
Problem #2 Part A: Go to the internet auction site eBay® at www.ebay.com and select the category Jewelry as well as Watches which is followed by Loose Diamonds and Gemstones, and then Diamonds, Natural. Explain how many natural diamonds are for sale at the moment? Note the wide array of sizes also the diamond's prices. In which sense is there struggle among the sellers in this market? Explain how does that competition influence prices? In what sense is there competition among buyers? Explain how does that competition influence prices?
Problem #2 Part B: Describe what would happen if an outside agency determined the prices eBay could charge.
Problem #3: Read the "LAST word" feature on markets for human organs on Page 66 of your text. Next, select a social problem where free markets are not allowed to function and explain how free market features could be introduced to help improve the difficulty. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
Explain the difference between a person's nominal income and their real income. Why is real income more important to that person.
Each firm can monitor the other's price very closely and can respond instantly
Suppose you consume nothing but goods X and Y. We have two years.
Characteristics of Proprietorships what percentage of sole proprietorships is engaged in retail trade? Why might more sole proprietorships be engaged in services rather than manufacturing?
Show graphically the effect on the supply and demand for Bonds in a deflationary period.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
What are the factors that affect pay differentials? How does each factor increase or decrease relative wages?
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Impacts on currency markets and on economic conditions within the country and globally.
A manufacture procedure using 2 inputs, labor as well as capital.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
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