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The market for labor is determined by the supply and demand for labor. What does it mean to move along the supply or demand curves? The demand and supply curves can shift for a number of factors. Give two examples for each shift up or down of each curve (there should be a total of 8 reasons given).
Edwards Manufacturing Company purchases two component parts from three different suppliers. The suppliers have limited capacity, and no one supplier can meet all the company’s needs. In addition, the suppliers charge different prices for the componen..
Describe the competing views on whether and how the budget deficit impacts economic growth.
During the beginning of the 21st century, the growth in desktop computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors. Explain why com..
What is the strategy that East Asia used from the 1970s to the 1990s to achieve high rates of economic growth.
Consider the basic flexible-price, market-clearing model (which satisfies the Classical Dichotomy) in which r and Y are constant as long as there are no shocks to preferences or technology. Show the money-market clearing condition which determines th..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of demand between good X and Y is -5. Determine how much the consumption of this good will change if:
Explain why a person starting up a small business probably stands a better chance of raising money by applying for a bank loan than by issuing bonds. Banks now control only about half as much of the total financial intermediary assets as they did abo..
Calculate the price elasticity of gasoline. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus. Because there is no viable s..
A committee of 4 has to be chosen from 12 representatives, of whom 8 are men and 4 are women. If selection is random what is the probability that.
Describe two goods/services that you think they are "elastic" and two goods you think they are "inelastic"? Why do you classify them as such?
What are the advantages and disadvantages to a two-stage approach to negotians? Why do most negotiations for globl environmental regimes end up taking a two-stage approach?
The current price charged by a local movie theater is $8 per ticket. At the current ticket price, the theater typically sells 300 tickets per showing. If the theater raises ticket prices to $9, the theater will sell 270 tickets. Assuming that the dem..
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