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Production possibilities analysis implies that an individual nation is limited to the combinations of output indicated by its production possibilities curve. Do you agree or disagree with this statement?
Calculate the cost elasticity of demand as well as for paint as well as show your calculations.
In standard macro model, it is usually time preference that causes positive interest rate. But is there anything to do with risk aversion of utility function that causes existence of positive interest rate?
The United States is a net exporter of services to China. What does this imply about the magnitude of the deficit in the U.S. balance on goods and services with China compared with the size of the U.S. merchandise trade deficit with China?
Suppose that the market for wheat is characterized by the following demand and supply relationships.
Why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders? What conclusion could be drawn if the volume of unfilled orders and average length of deliv..
Suppose that the only input used in the generation of solar energy is sunlight
Decrease DEMAND (finding alternatives to oil). Graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?
Harry values a new jacket at $100 and buys it from Jenny at $80 (costing her $70 to produce it). Jim then offers Harry the same jacket at $60. Harry buys the jacket from Jim, and stops buying it from Jenny. Which of the following makes this event Par..
A new piece of machinery, when placed in service is estimated to cost $225,000. It is expected to produce revenue of $75,000 and operating and maintenance expenses are expected to be $9,000 per year. The useful life of the equipment is 5 years and it..
What is the standard deviation for the class? b. What percentile did you score in?
Suppose there are two spice-producing firms, and each can set up one trading post. Illustrate where would they set up trading posts and what prices would they charge.
Maria can read 20 pages of economics in a hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. Draw Maria's production possibilities frontier for reading economics and sociology.
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