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Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them?
Determine the difference among National Income, Gross National Product, and Gross Domestic Product? Why do most countries now use GDP as a measure of national output?
Two firms compete in a market to sell a homogeneous product with inverse demand function P=600-3Q. Each firm produces at a constant marginal cost of 300 and has no fixed costs. Use this information to compare th output levels and profits in settin..
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entre..
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Assume that the working age population in Tiny Town is one hundred people. If 25 of these people are not in the labor force,
The price elasticity of demand for both tissue has been estimated.
Illustrate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and deman..
Elucidate why a decrease in aggregate demand results in a lower level of employment, given a fixed aggregate supply.
Illustrate what is the amount of the producer surplus for Juan Carlos combined.
GDP is the total value of all final goods and services produced in within a country in a given year. Do you think the GDP is a good indicator of economic well-being. Illustrate what other factors do you think contribute to a good standard of living.
Illustrtae what is the profit-maximizing level of price and quantity for this monopolist.
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