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1. What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point?
2. Discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.
3. It is said the nation's legal system is a public good. Does the legal system have the key characteristics of a public good? Explain.
4. A product has a negative income elasticity. What does that measure tell us about the product?
5. Define the Law of Diminishing Marginal Utility. What is the significance of this law?
6. Which three costs are primarily used in economic decision making?
(b) How does an increase in the initial stock affect the immediate harvest of a renewable and a nonrenewable resource? Does it have the same or different qualitative effect?
Assume that all banks in the banking system have a 10% reserve requirement. Further, assume that all banks in the banking system are fully loaned up both before and after Joe makes his deposit.
For a typical competitive firm, the price in the long run equilibrium will tend to: be greater than average cost, be equal to average cost, be less than average cost, intermediate
goods and services that are not sold in markets such as food produced and consumed at home and some household articles
What is an ethical dilemma? How are organizations responding to these dilemmas and discuss the three-component model of creativity.
write an article concerning trends in consumption patterns.prepare a 1050-1400-word paper in which youdefine economics
the u.s. government administers two programs that affect the market for cigarettes. media campaigns and labeling
a report indicated that the average annual real income of agricultural workers declined by 2 between 1990 and 2000. if
Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.
A firm is targeting 35,000 net monthly profit servicing 2000 cars. What price should the firm charge to realize the targeted profit.
relate how advertising impacts the price of a product. select one good and one service product for each of these
According to theory, if you lower interest rates, business investments and consumer purchases of large durable goods are supposed to increase. In return, this is to help pull us out of a recession. However, this policy of extraordinarily low inter..
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