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Could you please explain for me what is the price specie flow mechanism and also I don't understand how the income effect the price specie flow mechanism?
What are the similarities and differences between the Bolshevik Revolution and the Chinese Revolution?
Which assumption about consumer preferences leads to diminishing marginal rate of substitution (MRS) as we move along from left to right on a typical Indifference curve.
A movie monopolist sells to college students and other adults. The demand function for students is QdS = 800 100P and the demand function for other adults is QdA = 1800 100P. Marginal cost is $2 per ticket. What prices will the monopolist set when sh..
Mr. Ess, the owner of the SS Skimpy and an American citizen, borrows money from MultiBank in London to outfit his ship, giving the bank a maritime lien. Mr. Ess sells the Skimpy to Mr. Tee, a Canadian. Mr. Tee is unaware of the lien and unaware that ..
How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he not even take the boat out? Is Apple Computer a perfe..
Using the equi-marginal principle and the condition for consumer utility maximization, please explain the effect on the consumption of gasoline when prices increase. You may assume that the utility of money is constant.
During the winter break, Sam decides to go for a skiing vacation in Aspen instead of taking piano lessons. The opportunity cost of the skiing vacation is the:
Consider a monopoly with a production function given by q = f(x) = √x and a fixed cost of $1. The input price is $0.50. The monopolist sells her product in a market that has ten consumers. Let p denote the unit price of the good. Find the profit-maxi..
If the price level remains constant by Explain how more will real output increase.
Suppose that a country produces wine (W) and cheese (C) using its supply of 400 hours of labor (labor hours) and 600 acres of land (acres) (T). To produce a gallon of wine requires 10 hours of labor and 5 acres of land. A pound of cheese requires 4 h..
Delta Airlines experienced huge losses for several years in the early 2000’s, yet it continued to operate its fleets. Why didn’t Delta shut down its operations to further avoid losses?
Diana borrowed $2,000 from Pat and promised to pay him $2,165 after 1.5 years. What simple interest rate did she have in mind? How long does it take double an investment of $20,000 if the investment pays only simple interest at the rate of 3% per yea..
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