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How could you estimate the net welfare loss (deadweight loss) from such a diagram?
Suppose the firm's labor demand curve is given by: w = 20 - 0.01E, where w is the hourly wage and E is the level of employment. Suppose also that the union's utility function is given by
When output exceeds the natural level of output, explain what adjustments will occur in the labour market and discuss what effect they will have on output and the price level.
Illustrate the point price, income, also cross elasticities at the present values. Interpret your answers, saying how much a 1% change in each variable impacts demand.
Why would division of labor without trade not work? How does having information affect choices that consumers make? What caused clean air to become scarce over time?
One of the determinants of demand is consumer's disposable income. In reference to this, what will happen to demand if the government increases income tax
your boss has asked you to assist him after normal work hours with shredding some documents. the division vice
Think about a recent purchase you made that required a loan, like a house. Explain how you arrived at the decision to purchase
How does the zero sum myth set people off against each other. Explain. Why are people merely not like chess pieces Explain. How does government provided health care being free for all and granting all benefits fall into the fallacy. Explain.
At the national level, public debate has centred on the performance of the main monetary measure – GDP. Each year we must do better than the last; otherwise we are officially in recession…while GDP growth is important for raising living standards, it..
Explain five factors that justify the existence of small scale firms in an economy.
What are freely floating exchange rates all about, and how do they work How can the falling U.S. dollar impact your travel expenses Why would a cheap dollar relative to other nations' currencies be good or bad for U.S. trade
What do you regard as the main weaknesses of the Ricardian/Classical model as an explanation of trade patterns? Why do you regard them as weaknesses?
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