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What is the relationship between macro versus microeconomic analysis including positive versus normative economic analysis? Why is it important in understanding both sub - disciplines when assessing intended & unintended consequences?
The utility function of a consumer is u(x, y) = x0.5 + y0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of the utility function). What is the price elasticity of demand of good y(i...
Consider the 2014 Ebola outbreak in West Africa. In 2014 the Ebola virus outbreak in West Africa led to 11325 deaths. You are required to use both the models by Thomas Malthus to examine the impacts of the Ebola virus, that is the resulting impacts a..
Are the Britannica on paper and the Britannica on CD close substitutes? What about the Britannica on CD and the Encarta on CD?
You have won the state lottery. There are many ways in which you can receive your prize. You can either have $1 million in cash now or you can have $1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in 2 yea..
Suppose that there is a credit market imperfection due to asymmetric information. In the economy, a fraction b of consumers consists of lenders, who each receive an endowment of y units of the consumption good in the current period, and 0 units in th..
Lizzy Richardson’s home in New York City was recently gutted in a ?re. Her living and dining rooms were completely destroyed, and the damaged personal property had a replacement value of $35,000. The average age of the damaged personal property was 5..
Why would China want its own currency to be undervalued relative to the U.S. dollar? How does china maintain an undervalue currency?
Firm C produces 1,000 pounds of cotton at a cost of 50 cents per pound. They sell all of the cotton to Firm S for 75 cents per pound. Firm S makes 1,000 t-shirts with the cotton for a total cost of $1.50 per t-shirt. They sell all of the shirts to Fi..
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
Choose any two countries that appear to be culturally diverse. After researching about these countries through variousonline websites of your choice, compare and contrast the cultures of those countries and then indicate how cultural differences infl..
If a producer offers a price that is below a consumer's valuation of the good, the consumer:
Which industry would be the best example of an oligopoly?
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