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Q1. It some respects Karl Marx could be thought of as one of the last of the Classical economists. Analyze this statement in terms of your assessment of Marx as economist also as a philosopher.
Q2. The XYZ Company manufactures chairs. It has a production function of Q = 300 L0.75 K0.5. In the short run, if L = 250 also K = 25, Illustrate what happens to the output of chairs if L jumps to 300 also then 350. Illustrate what law does this illustrate?
"Suppose the market for oranges is disturbed by below-freezing cold weather that destroys much of the orange crop in the California. Predict what will happen to the equilibrium price and quantity in the market for oranges because of this natural d..
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them?
Is the natural rate of unemployment fixed? Why or why not? How are full employment and the natural rate of unemployment related?
The relevant cost in economic decision-making is the opportunity cost of the resources rather than the outlay of funds required to obtain the resources.
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
q1. the city council realizes that the telephone company could curtail pay phone service in response to the ceiling. to
the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption
Explain how would you expect each of the following events to affect the amount they save each month.
q1. consider the information you have read this week on international trade and specifically regarding the domestic
Outline any two reasons, why the marginal revenue product differs between workers in different jobs.
Find out the equation for the linear supply curve which fits this information. What would the new equilibrium price and quantity be if supply were to increase by 20%.
Explicate 2 important indicators the Federal Reserve System will use to analyze this particular economic situation.
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