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The Republic of Ireland (what most of us refer to as simply Ireland), is an independent country but borders on Northern Ireland; the two countries make up the entire Island on which they exist. If you were the head of Great Britain’s Central Bank, and/or the Prime Minister, what actions would you take to minimize the impact on the economy? If you were the head of the Republic of Ireland’s Central Bank and/or the Prime Minister (called Taoiseach) what actions would you take to manage the impact on your economy in view of the expected actions of Great Britain’s leaders?
Consider the costs for the following lobster producing firm in a perfectly competitive market: TC=80+10q+q^2 & MC=10+2q. From the total cost function(TC) derive the average total cost(ATC), average variable cost(AVC) and average fixed costs(AFC) func..
Andrew is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Suppose that Andrew would like to use the economic concept of screening to sep..
Discuss the influence of taxes on the results of the above analyses. Elucidate how do taxes influence the before-tax cash flow compared to the after-tax cash flow results.
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
The opportunity cost of a choice is: A. the net value of the opportunities gained. B. the value of the opportunities lost. C. the difference between the benefits and costs of the choice. D. sometimes positive or negative.
What is the short-run condition for the monopolist. In the following table are demand and cost data for a pure monopolist. What output will the monopolist produce? What total profit ill the monopolist receive at the profit-maximizing level of output?
Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that she would not be willing to work for anything less than $50,000. Her decision is based on
The invention of a self-milking cow machine allows cows to milk themselves. Not only does this reduce the need for higher-cost human assistance in milking, but it also allows the cow to milk herself three times a day instead of two, leading to both a..
Suppose that individuals view their loss of income from imposing a single marginal tax rate as offset by the benefits of public services purchased with the revenues so that the (representative) individual is just as well off as before. How are their ..
This section examines correlation, estimating confidence, and margin of errors. Correlation is an important concept to understand, since often what is found in many areas of research is not cause, but a relationship that exists among variables.
Sketch the isoquant corresponding to an output level of 100 units What is the MRTS for this production function? Does the isoquant exhibit a diminishing MRTS?
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel-drive tractors consisted of five firms. The market was highly concentrated, with a Herfindahl-Hirschman inde..
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