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Real GDP will increase
a. only when prices increase.
b. only when output increases.
c. when prices increase or output increases.
d. All of the above are correct.
Suppose that Omar’s marginal utility for cups of coffee is constant at 1.5 utile per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the..
Explain how will my family's consumption of omelets change this week and why. Chickens by the way do not respond to published prices in their decision as to lay eggs.
What would happen to the Production Possibility Frontier over time? How would invention and technological improvement modify your answer?
You are manager of Bonnie=s Unknown Lexicon Lists, Silly Hat Incorporation Tapestry Company. A company dedicated to making tapestry and upholstery fabric. Determine profit maximizing quantity of upholstery.
demand for labor in China will drive up costs per worker there to $5 per hour. How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
The inverse demand function in a market is given by P = 15 - Q , where Q is the aggregate quantity produced, and P is price. The market has 3 identical firms with marginal and average costs of 3. The firms engage in Cournot competition. What quantity..
List at least four examples of why governments choose to restrict trade with another country. Which of these examples do you feel is the most justifiable?
Real wealth which capitalists pull out of market must somewhere enter market. What is this hidden mechanism.
The tools of monetary policy for altering the reserves of commercial banks are the
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
If the economy is competitive so that factors of production are paid the value of their marginal products, illustrate what is the share of total income that will go to land.
q1. in a unregulated competitive market supply and demand have been estimated as followsdemand p 25 - 0.10q and supply
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