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Q. Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor? What are the new equilibrium wage rate and employment level? What happens to economic rent?
Q. The above table gives Amy's total cost schedule for producing holiday wreaths. Amy is a perfect competitor and can sell each wreath for $9.a) Complete the table by calculating Amy's total revenue and her profit or loss schedule.
b) When Amy is producing 4 wreaths, what is her total cost? What is her total revenue? Illustrate what is her economic profit or economic loss?
c) What number of wreaths maximizes Amy's profit?
In customer theory there are some useful analytic results that can come from studying homothetic utility functions of consumption for each.
If Jason produces 250 kilograms of food per month, Explain how more liquor must he produce to achieve production efficiency.
Pretentious that yields for each stock are around generally distributed, with which investment strategy do you have the smallest chance of losing money?
Explain why purchasing power parity measures of income levels tend to show smaller differences between poor and rich country
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
Adding four or more flights to existing routes, it will have to add two pilots also flight attendants.
Consider a small economy in which consumers buy only two goods pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years.
Explain why is it important to take into account changes in the participation rate and in the ratio of full to part time employment in assessing the economic and social impact of changes in the unemployment rate.
Line segments will automatically connect the points. Remember to plot from left to right also plot among integers.
Conclude the supply function also inverse supply function for good X. Graph the inverse supply function.
Sets out the aggregate demand and aggregate supply schedules in Japan. Potential GDP is 600 trillion yen. What is the short-run macroeconomic equilibrium.
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