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Use the Phillips Curve to describe the tradeoffs between inflation and the unemployment rate, both in the short-run and in the long-run.
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered?
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
Comparative statics examine in economics is best illustrated as comparison of equilibrium points before and after changes in market have occurred.
Discuss the Henry George idea for a single tax on real estate and why did the California State Lottery extend the payoff period from 20 years to 26 years?
Discuss the difference between the CPI measure of inflation as collected by the Bureau of Labor Statistics and the Billion Price Project (BPP), which is developed by researchers at MIT.
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
What is wrong with this statement: Whenever the industry fails to achieve allocative efficiency by producing too little output, the shortage arises.
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them and staff them with employees?
Societies are frequently concerned about whether police are vigilant in carrying out their responsibilities. Many societies have experimented with incentive compensation for police.
What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate that it faces and calculate its profit maximi..
What is her AFC per poster if she prints 1,000 posters - Karen runs a print shop that makes posters for large companies.
Explain which bridges you would choose to attempt to use. (Assume you can put one foot on a bridge to see if it collapses before you attempt to cross.)
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