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Briefly explain whether each of the following is primarily a microeconomic issue or a macroeconomic issue.
a. The effect of higher cigarette taxes on the quantity of cigarettes sold
b. The effect of higher income taxes on the total amount of consumer spending
c. The reasons for the economies of East Asian countries growing faster than the economies of sub-Saharan African countries
d. The reasons for low rates of profit in the airline industry
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
What is the short-run profit-maximizing policy of a monopolistically competitive firm and how is the long-run equilibrium of monopolistic competition like that of perfect competition? also give example.
Analyze the dynamics of supply and demand to anticipate market equilibrium and analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.
Suppose that the Government introduces a labor tax: for each hour of labor hired, the firm needs to pay to the Government. Find the new optimal demand for labor. Is it higher or lower than in the absence of the tax?
The water company is privately owned and is the only water company in town. It is licensed and franchised by city for a 10 - year term, just renewed.
What would be the long run price and quantity for this firm in a competitive market? 2. In the long run how many firms are in the industry?
We have discussed several ways in which industries are organized. Now imagine a newly emerging industry, perhaps born on the internet. Without knowing anything else about it.
Explain what type of wage rigidity is most likely to affect the unemployment rates of the following types of workers: a. workers with low marginal labour productivity; b. workers seeking jobs that are typically unionized
If Advanta believes raising fees is a profitable move, then why would it delay implementing the higher fees, which could reduce the amount of profit generated by higher fees?
Monopolies are typically frowned upon in U.S. business, preferring more competitive models. However, many industries are stillmonopolistic in our everyday dealings. In this discussion, name an example of a monopoly that you have encountered
In the floating rate model, a change in the exchange rate is supposed to adjust NX(net exports), until the economy reaches an equilibrium state. However, evidence shows that the exchange rate adjustment process takes years.
How is net national product (NNP) calculated a.Saving is subtracted from the total income of a nation's citizens. b.Saving is subtracted from the total income of a nation's permanent residents. c. Depreciation losses are subtracted from the total ..
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