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The classical political economists shared, to a large extent, a vision of an emerging social system. Smith referred to this as the “society of perfect liberty” while Marx called it the “capitalist mode of production.” What were the central characteristics of this system and how did it differ from what existed previously? What are the major differences between Smith’s and Marx’s conceptions of this system? How did some of the other political economists we have studied such as Ricardo, Mill, or Owen expect the system to evolve? Compare their expectations with Marx’s.
what actions would you take to test the hypothesis. Following your test illustrate what actions would you take if the hypothesis must be rejected given the outcome of the test.
Consider the following facts. After the age of 25, persons with college degrees earn more than persons with no education beyond their high school degrees, ceteris paribus. Moreover, persons with high school degrees earn the same as persons who have h..
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. We can see that it is linear in good 2 but n..
The price elasticity for butter is fairly high (in absolute value). Which of the following is among the reasons why its demand is so elastic?
some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is, as long as everyone chooses the same side. Otherwise, everyone may get hurt. Is there a Nash equilibrium in this g..
Illustrate what is the total number of wells which maximizes the sum of the profits of both firms.
A producer would not remain in Stage 1 because APP
Describe at least three ways you could pay for your morning cup pf coffee. Illustrate what are the advantages also disadvantages of each.
What is the argument made by minimum wage laws critics who argue that they create more unemployment than would otherwise be the case? Which Apple supplier has come under intense scrutiny (especially in China) these last few years over its labour prac..
The daily demand and supply of fish in Fire Island, NY is described by the following equations: What is the market price of fish in Fire Island? How much is consumer and producer surplus?
Recall from Exercise Ul the population of animals fighting over a food source worth 200 calories. Assume that, as in part (b) of that exercise, the cost of a fight is 150 calories per fighter. Assume also that a third phenotype exists in the populati..
What is the equation for national saving? Calculate the equilibrium interest rate, aggregate level of investment in the economy, and the aggregate level of national saving. Illustrate in a diagram.
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