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What is a specific, "real-life" example of a seller in the world today that meets the definition of a price taker? Your posting should be at least two paragraphs long and specifically identify the undifferentiated product (remember - no brand names here!) that is sold by the type of producer that you are describing.
Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. Illustrate what is the total gain or loss from trade for country A.
What are the phases of business cycle? What happens during prosperity? What happens during contraction phase? What is the difference between recession and depression?
Discuss how government intervention promotes efficiency and equity in the economy. Be sure that you include restraint of trade, indirect costs, deregulation, and overregulation within your analysis.
Expansionary Fiscal Policy relies on changes in tax collections and government spending to achieve a non inflationary level of employment. Given this definition what actions and projected consequences did President Obama enact to realize this goal. B..
Plywood is used in the construction of houses. If the price of plywood rises, what happens to the supply of houses
How do we understand the state of the economy? What are the indications of the health of the economy? What is GDP? How do we measure GDP? What is the difference between Real GDP and Nominal GDP?
Beef has a positive income elasticity in Algeria. What would happen in the Algerian beef market if an economic recovery increased incomes?
Suppose a demand curve has a vertical intercept of (0,100). Suppose a supply curve has a vertical intercept of (0,0). The equilibrium price is $50 and the equilibrium quantity is 60. What is the total surplus in dollars?
Consider the following utility of wealth function: U(W) = 25*W0.3 You currently have $10,000. There is an 8% chance that you get sick, in which case you lose half of your wealth ($5,000). What is your expected wealth? What is your expected utility?
One of these firms is considering opening up a new product line, in a market in which it would be the only firm. So, adjusting the notation to now capture demand in the monopolistically competitive industry with Q1(p1) = 140 − p1, and the demand it w..
Which of the following are methods used by the Federal Reserve to affect the supply of money in the U.S. economy, and which are not? Place each item under the appropriate title. Methods the Fed uses to affect the money supply Not a method used by the..
Companies 1 and 2 are fighting over a market segment initially held by Company 2. Company 1 has $K in reserves and company 2 has $L. Whenever the market is served by one company, the competing company can launch a price war by reducing the price. Wha..
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