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What is the Federal Reserve System and how is it structured (identify the key elements). Explain in detail. Who are the past and present charimen. Why was the current chairman in the news recently and what did he propose?
The demand curve demonstrate that price and quantity are inversely related. Briefly describe two justifications for this relationship. The supply curve demonstrate a positive relationship between price and quantity supplied.
This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market?
College enrollments increased at the same time that average tuition rose dramatically. Does this contradict the law of downward-sloping demand?
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
Use the Porter's five forces framework to explain this pattern. Discuss possible profit-maximizing business strategies that artists, record companies, and retailers may wish to pursue.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
Quantities purchased are the same but prices are not. What does this mean in terms of the marginal rate of substitution at those quantities?
Describe why government regulation is required, citing the major reasons for government involvement in a market economy.
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