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In lecture we discussed why the production possibilities frontier (the boundary of the production possibilities set) is bowed 'outwards'. When might the production possibilities set be bowed 'inwards'? Give an example of a two-good economy where the production possibility set would be bowed inwards.
Thoroughly and completely explain the following graph of market equilibrium. i. Explain what market clearing equilibrium means. 1. Explain what this really means. Please be thorough. ii. Discuss what happens at a price above and below the equilibrium..
The program takes in three double variables (for a, b, and c) and returns the solution. (Note: a !=0).
People often argue that economic rewards in society should be meritocratic, that is, that everyone should have an equal opportunity to get ahead and those that do succeed because of their greater ability, hard work, and so on, should then be allowed ..
What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.
Mobile homes are housing units installed on a permanent foundation owned by a landlord. Although a resident owns the home, she rents the foundation from the landlord. In theory, owners of mobile homes can transfer their home to a different foundation..
Suppose that a market with an inelastic demand curve experiences an upward shift in the supply curve. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in this market will change as a result of an upward shift in t..
The concept of investment in human capital indicates that:
Discuss how discrimination affects efficiency within organisations, with special emphasis on LGBT issues. Also discuss why we might observe discrimination, given the efficiency implications highlighted in the literature.
Shawn Bates was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal of establishing the enterprise was to minimize the ..
Compare and contrast some of the more traditional methods of policing with the more proactive and advanced modern methods of policing.
Consider a perfectly competitive market where each firm faces a market price of P = 16. Each firm's cost function is TC = 50 + 4q + 2q^2.
Examine the major factors relative to the omission by the client that would result in a criminal investigation, rather than a civil fraud proposal by the IRS.
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