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Question: Understanding Cause and Effect A hamburger stand raised the price of its hamburgers from $2.00 to $2.50. As a result, its sales of hamburgers fell from 200 per day to 180 per day. Was the demand for its hamburgers elastic or inelastic? Why?
Suppose Bob works for Mary as a proofreader. Mary and Bob fall deeply in love, marry and have eight children. Bob stops working for Mary in order to care for the children. What will be the effect on GDP
Evaluate the role and the effectiveness of the Federal Reserve in stabilizing the current economy. Determine which economic indicators the Federal Reserve should analyze so it can better stabilize this particular economy.
QUESTION 1: If a physician receives a bonus for referring a patient for cardiac surgery to a specialty hospital nearby his office:
What is the equilibrium level of Y? Is it consistent with your guess in the previous part - What is the new equilibrium output level?
Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year. Real GDP per capita of China is $4,000, and its annual growth rate is 7%.
Explain what was happening to the economy in terms of the AS/AD model, including what would need to happen to bring us out of the "recessionary gap". In other words, using the AS/AD model as a starting point, explain the economic situation of 2008.
In an effort to move the economy out of a recession, the federal government would engage in expansionary economic policies. Describe the actions the government would take in conducting expansionary fiscal policy and expansionary monetary policy.
Required help using economic theory and applying to real world situations and current events.
The schedule below shows the level of output that can be produced using different levels of input. A unit of input costs $80 and the fixed costs of running your business are $50.
What is a budget constraint? How does a budget constraint explain consumer choices when used in conjunction with indifference curves?
Now assume that an unusual shift of the Gulf Stream leads to an unseasonably cold summer in Europe, destroying much of the grape harvest there.
Illustrate the difference in the price elasticity of demand for an individual firm in a perfectly competitive industry as compared with a monopolist.
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