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Identify a specific government activity that is justified by each source of market failure.
Illustrate what would happens to P* if there is a decrease in demand followed by an increase in supply followed by another decrease in demand.
All of the following are consequences of an economy operating above its potential level except: A bank can usually offer a saver a higher return for the same risk because:
The inverse demand curve for product X is given by: PX = 25 - 0.005Q + 0.15PY, where PX represents price in dollars per unit, Q represents rate of sales in pounds per week, and PY represents selling price of another product Y in dollars per unit. The..
Calculate Paul's expected income without any insurance coverage.
1. How is economics a science? 2. Why do economists make assumptions? 3. Should an economic model describe reality exactly?
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for a possible future product and estimates that the reservation value is $2..
Draw the graph of the indifference curve maps for each scenarios. Put good X on x-axis and good Y on Y-axis. Draw 3 indifference curves and labeled U1, U2 and U3 from the highest to the lowest utility level. a. Good X is economic bad. For good Y, mor..
Illustrate what can be said about the utilization of resources when 20 airplanes and 20 buses are produced. What is the opportunity cost of increasing the production of airplanes from 50 to 60? From 0 to 10 airplanes.
Participate in a discussion with your classmates regarding the expenditure multiplier effect within your local community, state, or region which magnifies or multiplies expenditures that increase the real GD. Discuss an event in your home city or sta..
Confronted with an adverse supply shock, an economy with rigid wages and prices would suffer
Assuming that labor is the only variable input, why does the marginal cost curve slope upward? Marginal cost may decrease at low levels of output, but we assume that it eventually begins to increase, and continues to increase as output increases. Why..
You are the economist of a firm with market power. The inverse demand for your product is given by P= 200 -10Q and your marginal cost is 5 + Q. What is the profit-maximizing level of output? What is the profit-maximizing price?
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