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Tom likes Hamburgers better than hot-dogs.
What do Tom's indifference curves relating Hamburgers (horizontal axis) to Hot-dogs (vertical axis) look like?
Graph and explain the shape of your indifference curves.
Do these indifference curve imply that Tom will only eat hamburgers? Explain your answer.
Calculate the profit-maximizing price and quantity combination for the firm. What are the firm's profits and calculate the equilibrium price and quantity algebraically
Illustrate what are some of the considerations in term of opportunity costs that you would have to include in arriving at your decision?
Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic produc..
Construct a graph showing the outputs, and prices before and after the corrective taxes were imposed.
Describe why the demand curve facing a monopolist is less elastic than one facing a firm that operates in a monopolistically competitive market.
America's young people are heavy Internet users; 87% of Americans ages 12 to 17 are Internet users (The Cincinnati Enquirer, February 7, 2006). MySpace was voted the most popular Web site by 9% in a sample survey of Internet users in this age grou..
Elucidate the impact of inflation on salary rates and employment.
Consider an economy described by the following: C' = 3.25 trillion; I' = 1.3 trillion; G' = 3.5 trillion; T' = 3.0 trillion; NX' = -1.0 trillion; f = 1; b = 0.75; d = 0.3; x = 0.1; ? = 1 and r' = 1. a. Derive expressions for the MP curve and AD cu..
Explain why does the government support public education when the private sector also provides this service and describe why labor productivity is important but not the only key to improvement in living standards.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
Describe how the equilibrium in a labor market with a monoposony employer changes if a minimum wage is set at the competitive level.
If there are 150 million people in the labor force and 10 million of them do not have jobs but have looked for work in the last month what is the unemployment rate? 2)If next month 5 million people who have been discouraged workers start looking fo..
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