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The very small country of Powerless produces no laptop computers whatsoever. It can purchase laptops on the highly competitive world laptop market at the prevailing world price.
In a diagram showing the market for laptops in Powerless (with price of laptops on the y-axis and quantity of laptops on the x-axis), illustrate the quantity of laptops demanded, the level of imports of laptops, the price paid for laptops and the consumer surplus
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Which of the following is the result of competing through advertising for a monopolistically competitive firm? Which of the following is true about advertising?
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.
Suppose that there are N firms in a competitive industry-Calculate the number of firms that will be in the industry in the long run and what will be the profit of each? Explain.
According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year.
Describe the neoclassical theory of economic growth. Then explain how the neoclassical theory is impacted by research about endogenous technological changes and increasing marginal returns.
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock market fuels an increase in aggregate demand, and may contribute to an inflatio..
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
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