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For the typical consumer's total change in gasoline consumption due to the gasoline tax show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect. Explain these two effects. (Show income and substitution effects for gasoline only).
Define and describe the difference between the absolute advantage and the comparative advantage.
Explain whether the evidence above suggests whether the dollar is appreciating or depreciating relative to the Euro. What is your conclusion? Explain how you come to that conclusion.
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
Prepare a demand schedule for both demand curves and prepare them on an Excel graph. Calculate the marginal revenue for each.
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Describe the effects of monetary policies on the economy's production and employment.
You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers.
Make an example of a comparative advantage model by 'choosing two countries and two products.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
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