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What are the shortcomings of GDP as a measure of economic welfare? Discuss 3 other social indicators that can be used with GDP to measure welfare.
Using a product of your choice along with prices and quantities you select, create a tutorial that will teach somebody how to draw a supply curve.
Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q...
Erasmus was critical of the Catholic Church, but he wanted to see reform. For Martin Luther, a contemporary of Erasmus, reform was not sufficient; a whole new institution would need to be established. Using the primary sources assigned in Module One,..
Two firms, Wickedly Efficient Widgets (WEW) and Wildly Nepotistic Widgets (WNW), produce widgets with the same production function y =K^(1/2) L^(1/2), where K is the input of capital and L is the input of labor
The once mighty General Motors, unable to survive by meeting the needs of customers turned to the taxpayers for a bailout in the U.S. In Europe its Opel subsidiary required similar life support from the German government. What are the costs and benef..
1. For each of the following pieces of legislation or codes of practice describe why each is relevant to the management of a payroll system:
Over the past decade, medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity..
Does a tug of war between AVC and AFC eventually take place?
In October 2011, Apple introduced the iPhone 4S, which had new features, including camera and voice control, but sold at the same price as the previous iPhone model. How did the introduction of the iPhone 4S affect the Consumer Price Index? What fact..
Why is it necessary to assume that there is a diminishing marginal rate of technical substitution between capital and labor? A decrease in the demand for dollars by the rest of the world will cause the dollar to appreciate or depreciate? Why is count..
Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. La..
Illustrate what has presidents immediately under the principles of immediate wants of the nation also mandate from the people.
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