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8. For 2,000 years on the far away island of Yap in Micronesia, located in the Pacific Ocean, the inhabitants have been using giant stones as money (Note: this is a true story) a) What are the functions of money? Can these stones fulfill all or partially the functions of money? b) Because the stones are worthless when broken, the islanders leave the larger ones where they are and simply take note of the fact that ownership has changed. How is this similar to paying by checks?
Calculate the following for Brian and Kim's firm
How much of each good does each consumer demand in equilibrium?
suppose the united states produces two goods civilian goods and government goods and that is all that they produce. ok
consider the following statement chinas current account surplus implies that china has added more to global supply of
a firm has 2000000 in sales a lerner index of 0.56 and a marginal cost of 35 and competes against 900 other firms in
The consumption of alcohol is often cited as an example of a negative externality. Explain a situation in which alcohol would be considered a negative externality. 3. Describe the purpose of antitrust laws. What do they accomplish.
Is the marginal social cost of the activity greater than or equal to the marginal cost to the individual Consequently, without intervention, will there be too little or too much(relative to what would be socially optimal) of this activity
For each of following cost-output relationships, explain the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions
Adam's Ribs in downtown Chicago buys $10,000 worth of beef ribs, $25,000 worth of pork ribs, and $8,000 worth of napkins each month. Are these purchases included in the calculation of gross domestic product
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
Find the probability that on a given Tuesday more than 30 students will be absent and compute the expected value of X
Agree or disagree and describe. The AD schedule slopes downward because real income rises as the price level declines and everybody buys more as the real income rises.
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