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suppose that society decided to reduce consumption and increase investment.
How would this change affect economic growth?
What groups in society would benefit from this change? what groups might be hurt?
What is a budget constraint How does a budget constraint explain consumer choices when used in conjunction with indifference curves Explain what happens if a household looses half of their income, using a budget constraint
During the country's current economic malaise, along with that of our local economy, what can individuals and businesses do to help get by financially, get a job, or promote economic activity?
What is the maximum dollar amount your firm would be willing to pay in royalty fees to the Village Council every year for the monopoly right to sell gasoline in Fanjeaux?
n a competitive market, all customers pay the similar price for the goods and services. Using the idea of consumer surplus, describe why each individual would be willing to pay a higher price
What do you think about the most important determinants that impact demand for banking industry's product or service and determine the impacts of innovation and technology on the cost of production?
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Suppose the government decides to place a tax on competitive business profits that would cause businesses to decrease output and generate a deadweight loss. Revenues from the tax would be redsitributed to low-income individuals. The decision to le..
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Consider a market characterized by the following demand and supply conditions: PX = 15 - 2QX and PX = 3 + 2QX. The equilibrium price and quantity are, respectively, a $3 and 9 units.
Discuss the long run implications of monopolistic competition with respect to (a) utilization of plant, (b) allocation of resources, and (c) advertising and product differentiation. Compare this to the situation of perfect competition.
Discuss the method of estimating earnings called Synthetic Life-time Earning
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
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