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Suppose that the economy is already in recession, and both President and Congress have declared to do something to restore the economy. Both agree that decreasing taxes would not be a good idea, but do believe that it is in the best interest of the economy to raise government expanding in defense, education & infrastructure.
The President and Congress change budget accordingly, but after 18 months, GDP only increased by three quarters of the expected amount. What factors might be responsible for this condition?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
Compute the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA. Find out opportunity cost of an increase in income from $100 to $150.00
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
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