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In a two-country, one-good model, Trinidad and Jamaica both produce only rum. The domestic price of one bottle of rum in Jamaica is 10 Jamaican dollars. The domestic price of one bottle of rum in Trinidad is 15 Trinidadian dollars. According to PPP, what will the exchange rate between the two countries be?
Ossuary produces whole wheat bread which sells for $3 a loaf. In order to produce an additional loaf of bread, it would cost Ossuary $3, but the average loaf only costs them $2.50. Assuming that the market for bread is competitive, is Ossuary in shor..
What are the main characteristics of the market system? How does the market system answer the five fundamental questions?
The initial cost of a permanent park is $1,500,000. Annual maintenance and operation costs are $100,000 per year. Every 6 years, the park needs $400,000 to replace all facilities. At an annual interest rate of 10% per year, the capitalized cost of th..
The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:Households increase savings.
Other things being equal, the markup above marginal cost that a monopolist charges will be:
Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
What do you consider to be the biggest current market failure in the U.S. economy? Why? How should the failure be addressed?
Describe what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run?
Consider the market for pizza. Indicate whether each of the following events is more likely to impact producer behavior (supply) or consumer behavior (demand). Will supply/demand increase or decrease?
In the short run, an increase in the money supply will
Explain the distinction Herman Daly makes between economic growth and economic development. Illustrate with examples. Why does Daly claim only the latter is sustainable?
Assume that private schools want to maximize profits and that the market for private schools is perfectly competitive.
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