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Which of these situations describe an equilibrium, and which does not? If not, what would an equilibrium look like? Remember that the definition of equilibrium means, in part, that there is no incentive or push/pull to change from the current described state.
Many people regularly commute from the suburbs to the downtown area of a local city. Due to traffic congestion, the trip takes 30 minutes when you travel by highway, and15 when you go by side streets.
There are 2 gas stations at the intersection of Main and Vine. One charges $3.75 for regular and the other charges $3.25. Customers can get gas immediately at the first station, but must wait in long lines at the second.
Every student who enrolls in econ principles must also attend a weekly tutorial. This semester, 2 sections are offered, which meet at the same time, in adjoining classrooms and are taught by equally competent and liked instructors. Section A is overcrowded with people sitting on the floor and unable to see the board and Section B has many empty seats.
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediat..
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
If the central bank (such as the fed in the us) of a country is steadily losing their foreign exchange reserves under a fixed exchange rates, then probably
Which is the safer investment, Company A Stock, Company B Stock, or a porfolio containing half of each If you make a lucky prediction about the prices of the stocks of the two companies, will you earn more or less if you invest in that company rat..
Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
All economic systems (capitalist, communist, or any other) face similar economic problems. Which of the following questions would NOT be faced by all economies?
If the reserve requirement is 20% and Lindsay deposits $200 into her checking account, calculate the change in her bank’s required reserves. Show your work.
The cops catch Bob breaking into a Pepsi vending machine and arrest him. What is the process for charging him and who has and what is the burden of proof?
Joe's search costs are $7 per search. He wants to buy a DVD player for his wife for Christmas and lowest price he's found so far is $200. Should Joe continue to search or buy a DVD player at a price of $200.
The financial crisis of 2007–2008 generated much introspection about what went wrong and how to prevent anything like it from happening again. What could have been done differently and why?
What are macroeconomic factors and are they useful for economic forecasting? What are economic indicators? Are any of them useful for forecasting economic growth?
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