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"It is Adam Smith's greatest contribution that he recognized in the social world of economics what Isaac Newton had recognized in the physical world of the heavens: a self-regulating natural order." Paul Samuelson
a. What was that "self-regulating natural order" and what did it accomplish?
b. What would Karl Marx have to say about the naturalness of this order?
Assume that the unemployment profits provided through the private sector are raised permanently,
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Consider the advantages and disadvantages of the European Union adopting a common currency and determine if this move was a good idea or not
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
Many monopolies are constructed by governmental legislation. like post office, local water company, local gas company, cable TV provider, local electric company.
Set up the consumer's utility maximization problem for prices pi, p2 and income m and how can this person be better off than by consuming the bundle
Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
The demand curve for 48" Sony flat screen televisions is likely to move to the right when consumer incomes increase.
The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1. How many units of nuts will Anthony demand?
What does price, average revenue and marginal revenue have in common and Firms can operate in one or more markets and not always on the same side of the market. General Motors is a buyer in the resource market and a seller in the automotive market.
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