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Matt is a semi-professional scooter rider and is considering buying a new standard wheel for his scooter. Matt can buy a wheel from the local skate shop on his street for $30. However, at the skate super store on the other side of town there is a 26% discount for the same wheel. The round trip to the skate super store is 3 hours and therefore Matt must give up 3 hours of sleeping, which he values at a total of $45. In considering whether Matt should travel to the skate super store to buy the wheel, what is the economic surplus/loss to the nearest whole dollar? Answer to the nearest whole number (with no decimal places or $ sign. If a loss, include a minus sign).
Explain briefly how each of the variables affects the value of an MLB franchise (i.e., use the variable definitions above to interpret, in words, the coefficient estimates with regard to each variable).
Describe what has happened to the supply and demand curves for Toyota automobiles. What is the new equilibrium price? How many cars will be produced at the new equilibrium price?
A country recently passed a food stamp legislation. Qualified households are given food stamps, which can be used to purchase foods, but they cannot legally re-sell the food stamps
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
When and where did sustained economic growth first begin? How much inequality in per capita income was there throughout the countries of the world a thousand.
Why is change so difficult to implement within an organization? What are the reasons people resist change, and what can an organization do to ensure change is well-received and permanent?
1. what do you mean by quality of capital per worker? how does improvement in quality of capital affect economic
Complete the Supply and Demand Simulation
What was the gold standard and why was it a problem in the great depression? What event kick started spending by the US government in 1941?
Does this goal still apply to our understanding of the role of the business firm in society? Provide examples to support your understanding. Does government or society have a role to play in expanding the Friedman discussion?
Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.
1. In the US, the wage-skills relationship in the labor market before government intervention is wus=100+0.4s, where s is the number of "efficiency units of skill" and w is the weekly wage. In Canada, the wage-skills relationship is WC=250 + 0...
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