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Consider the following economic activity (assume all occurred in 2015 in the U.S.)
What is the contribution to U.S. GDP in 2015?
A competitive labor market would hire workers at a wage of and draw a graph illustrating the competitive markets hiring decision (two side-by-side graphs)
In the Philippines, rice production is lower than rice consumption, resulting in a need to import rice from other countries.
Suppose that the production function for a commodity is given by Q = 10 ?LK Where Q is the quantity of output, L, is the quantity of lavor, and K is the quantity of capital.
What is the difference between scarcity and shortage? Give an example of each and argue whether or not (for each of your examples) the problem of scarcity or shortage will ever be solved. If so, how?
In January, buyers of gold expect that the price of gold will rise by February. What happens in the gold market in January, holding everything else constant
Suppose that the government of the country levies the tariff of $2 on the imported product. Compute the deadweight loss, i.e. the loss of welfare.
The line d-f in graph 1-1 is the demand for labor in the industrial sector of the economy. What causes it to shift out to d'-f'. What is the difference between redundant labor and disguised unemployment
Find the revenue earned by each bakery. From that revenue subtract the bakery's variable cost and compute the firm's short run economic profit.
Government purchases: Suppose Congress and the president decide to increase government purchases today, say for national defense.
The heights of a certain population of corn plants follow a normal distribution with mean 145 cm and standard deviation 22 cm.16 What percentage of the plant heights are 100 cm or more or 120 cm or less?
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Tota..
A monopoly operates in a market where demand is given by p=40-q. It has two factories. The first one has the following cost function: c(q1)= 2(q1)2.
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