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Classical economists assumed that wage rates, prices, and interest rates were flexible and would adjust quickly. Consider an extreme case: Suppose classical economists believed wage rates, prices, and interest rates would adjust instantaneously. What would this imply the classical aggregate supply (AS) curve would look like?
All else held constant, for which good is labor productivity greater? Assuming the same capital structures in both industries, which good will have the lower average per unit cost to produce?
What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point and discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.
If the average adult produces $70,000 of output per year, how much output is lost annually as a result of adult deaths from secondhand smoke?
A major ball field is being considered to be built in a metropolitan by a High Tech company at a cost of $50M. The construction company recommends a major renovation every 50 years at a cost of $10M. If the corporation wants to set up a trust fund to..
Jack shares a small apartment with some roommate. There are many cans of baked beans in the pantry. Jack is very hungry, and consumption of baked beans yields marginal benefits to Jack of 16-3Q, where Q is the number of servings of beans. The beans m..
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls. Explain your answer and use tables and graphs to illustrate.
build a multiple regression model to explain the variability in the median school year. describe the goodness of fit of
Prove through the use of algebra that in a two sector economy saving must be equal to planned investment at the equilibrium level of output.
locate a news article about an issue that has been addressed through e.g. poverty pollution etc. in order to conduct a
Introduction of ancient communities needs and wants of the ancient communities information on system practised in exchanging their goodslogical arrangements of facts conclusion
The market where business sell goods and services to households and the government and The largest source of household income in the U.S - Considering an economy with a current trade deficit and considering only the direct effect on income, an expan..
Find the equilibrium price and quantity both algebraically and graphically.
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