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Suppose an individual in the United States wants to buy office equipment from England that costs £2800. If the exchange rate is $1.92/£ (or 1£ = $1.92), how much will this equipment cost in US dollars? Now suppose that the US dollar ($) appreciates relative to the British pound (£) so that the new exchange rate is $.80/ £. How much will this same office equipment from England cost in US dollars? What is likely to happen to demand in the US for imported goods from England? What is likely to happen to demand in England for goods from the US (i.e. US exports)? Given that a nation's trade balance is computed as Exports minus Imports, will an appreciating US dollar improve or worsen its overall trade balance?
Each of the estimated coefficients statistically significant at the 95 per cent confidence interval. What is the optimal output level.
When looking at the law of diminishing returns, you will find that this is when the utility of the next unit you have consumed will decrease
Suppose you are given the following Total Product Function: Q=100K^3/2 L^4/2 M^4/7,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Discuss the returns to scale.
What are the outstanding faults of the economic system according to Keynes? What is the social philosophy implied by the General Theory? What gave the General Theory a revolutionary quality, and how was it interpreted or misinterpreted, according to ..
Provide one quote and its context for both a positive and normative statement. Evaluate the statement choices of your fellow students.
We would like to use these data to compare average air quality between the two years.
Suppose that Congress is successful in passing a large tax increase that actually be enacted this year. Using three separate aggregate supply and aggregate demand graphs,
Who do you think bears the economic burden of the payroll tax, firms or workers? How does your answer depend on the relative elasticities of supply and demand for workers? Provide specific examples to support your answers.
Calculate the magnitude of deadweight loss from the price ceiling. Find a price floor that will result in the same magnitude of deadweight loss.
A total of $400,000 will be deposited one year from now for the gas pipeline maintenance in the area. They estimate that the deposit amount will increase by $80,000 per year for 6 years thereafter, determine the equivalent: (a) Present worth and (b) ..
There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition.
In an effort to reduce their total costs many companies are now replacing paychecks with payroll cards
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