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"It is the great multiplication of the production of all the different arts, in consequence of the division of labour, which occasion, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people." Smith may well be correct with regards to an increase in 'opulence'. Outline why he is right, and then explore, in detail, possible criticisms of the division of labour.
The manager of a corporate division faces the possibility of an audit every yr. She prefers to spend time preparing if she will be audited
Suppose three firms compete in prices in an homogeneous good market. Their costs are the same, mc = 10 (marginal cost). Find the equilibrium prices of this game. (Are there many equilibria? If so, notice what all of them have in common).
q1. according to a study of u.s. cigarette sales between 1955 and 1985 when the price of cigarettes was 1 higher
Consider replacing the current U.S. economic system with a system where everyone is paid exactly the same salary. Assume that each family would receive an equal share of GDP. For a typical four-person household, this would be over $90,000. Would you ..
What are the consequences of long term unemployment? Should policy makers intervene?
Consider an economy with the following Cobb-Douglass production function: Derive the equation describing labor demand in this economy as a function of the real wage and capital. The economy has 27,000 units of capital and a labor force of 1000 worker..
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
Evalute the area of consumer surplus and producer surplus for the profit maximizing monopoly.
An engineer for Hi Tec Manufacturing will use engineering economy for which comparisons?
There are, on average, 150 new migrants entering Hong Kong from the mainland every day. Use a diagram to explain how this affects the equilibrium wage and quantity of labour in Hong Kong.
To examine some of the causes of differences in income, and to describe and analyze some of the government policies that attempt to reduce poverty. To show how the Social Security program is designed, how it developed from an insurance program to a t..
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