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How does the "invisible hand" operate and why do market economies usually perform a better job than command economies at efficiently transforming economic resources into desirable output?
Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350. Prepare a post-closing trial balance.
What is your marginal score? What is your new average score? Why did your average go up?
Why are indifference curves convex to the origin? Explain what Marginal Rate of Substitution (MRS) means? When would indifference curves be linear, vertical or horizontal?
Show graphically, and with a few well-chosen sentences how a Major League Baseball team can help both itself and consumers by vertically integrating its local broadcasting network. You may assume that both the team and the broadcasting network start ..
Using total revenue calculations, we can say that, given this change in price, total revenue (increased/ decreased).
If the market price stays the same, but the fixed costs of the firm increase so that the total cost function becomes: TC = 18 + 17 Q - 4 Q2 + Q3 What will be the profit-maximizing level of output? Will the firm earn a profit, and if so, how much?
Suppose the following were facts relating years of education to average annual income of individuals. Would you use the inductive or deductive method to derive an economic principle from these facts.
If Ann's marginal rate of substitute of X for Y is 5 - that is, MUx / MUy = 5 - the price of X is $9 and the price of Y is $2 she is spending too much of her income on Y. Do you agree or disagree?
Phelps-Dodge plans to expand capacity by purchasing equipment that will provide additional smelting capacity. The cost of the initial investment is expected to be $16 million. The company expects revenue to increase by $3.8 million per year after the..
Suppose the total value of Jame’s investment is normally distributed with the mean equal to $5, 000 and standard deviation of $1, 000. What is his Value-at-Risk (VaR) at 1% level?
Suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, traveler’s checks are $0, excess reserves are $15 billion, and the required reserve ratio is .15. a. Calculate the M1 money supply, the currency-d..
Elucidate the black market fbr lnternet access, comprising the implicit supply schedule. the legal price. the black market supply and clemand. and the highest feasible black market priee.
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