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Suppose a consumer's demand for a product is given by Qd = 0.2 I / P. Show that the demand function is homogeneous in income (I) and the good's price (P).
How much income is needed to afford the same quantity of goods X and Z with the new prices? What is the rate of inflation? Is it possible for our consumer to buy the original bundle of goods with the new prices?
You are an Economist advising the Federal Government about the Australian Labour Market and issues relating to unemployment - does the minimum wage prevent lower rates of unemployment?
Illustrate percent have prices increased over the past thirty years. What average annual inflation rate would have resulted in this answer.
What is the line on the production possiblities graph that shows the maximum possible output?
The tennis star had to forfeit the match due to unsportsmanlike conduct.
Explain how relevant to the real world do you believe this result is in the "contestable markets" view of the competitive process.
Among which method of encouraging growth would one suggest for these typical companies in these 2 countries.
Suppose the level of autonomous expenditure, which we could call A, rises by AA. What is the effect on the level of equilibrium national income?
Explain the disagreement between Libertarians and Rawlsians concerning the nature of freedom (specifically, the difference between liberty and opportunity). Explain where you stand in this debate and why. Be sure to connect your reflections to y..
An ongoing policy issue is the privatization of hydro in the province of Ontario . Discuss privatization in terms of the production, transmission and retailing sectors . Specifically which sectors should be deregulated and why?
Illustrate what is the basic objective of monetary policy. What are the strengths and weaknesses of monetary policy.
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
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