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Suppose the marginal cost of solving the global warming problem and the marginal benefit of doing so are listed below. How many degrees of temperature to be reduced are best for society to implement? Explain why?
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Let’s discuss the impact of proper contact with customers (face-to-face, via phone, written, or online communication) on a business. What are some examples of excellent service you've experienced?
You have a friend who is a potter. He holds a permanent patent on an indestructible teacup whose sale generates $30,000/year more revenue than production costs. If the annual interest rate is 20%, what is the market value of his patent?
More people in high-income countries than in low-income countries tend to believe that rapid rates of economic growth are not desirable. Which of the following best explains what is actually happening to real per capita GDPs of countries?
If aliens come and take a large percentage of our cows what happens in the market for synthetic leather baseball gloves? (Assume a normal competitive market)(Show the graph, label all relevant points, and explain what happens to price and quantity. E..
q1. would you expect firms in a tight oligopoly market reap higher profits than firms in a loose oligopoly market?
If the price of gasoline is 4.00 per gallon and the price elasticity of demand is 0.4, how much will a 10% reduction in the quantity placed on the market increase the price? Will total spending on gasoline rise if so by what percentage?
The null hypothesis regarding a contingency table with 6 rows and 4 columns should be rejected (at 95% confidence) if the test statistic is greater than
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
According to economic growth theory, the level of the GDP and the rate of the real GDP growth rate have different economic implications about economic well-being of a country. If you are given the options, would you rather live in a nation with a hig..
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
Describe how a developing/emerging economy can benefit from trade with a wealthy country even if it has no absolute advantages. How can they benefit from trade with a poor country?
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