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Question: As explained in the chapter, economic efficiency is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production. Using this explanation of economic efficiency, explain why a tax creates a deadweight loss.
Be sure to identify the short run scale effect and the long run substitution effect. Explain why labor demand is more elastic in the long run than in the short.
Suppose that full employment GNP (FE Y) is = 4000 A. Explicitly find the necessary change in G to get the economy to full employment GDP. B. Explicitly find the necessary change in Taxes to get the economy to full employment GDP.
describe the relationship between the number of inputs and the law of diminishing marginal productivity
Describe how these changes affect the supply of and demand for gasoline
A 1996 nill reforming the federal goverment's antipoverty programs limited many welfare recipients to only two years of benefits.A. How does this change affect the incentives for working
What is the interpretation of β1, the estimated coefficient on cigs that you calculated with STATA - In a study relating college grade point average to time spent in various activities, you distribute a survey to several students. The students are..
Discuss the role of innovation for sustainable development and global management practices at RipCurl. In your answer discuss how managers a tRip Curl can make a difference in the newwork place and how Human Resource Management can drive RipCurl's..
Adrian is about to borrow $2,814 from his uncle. He has an option to repay the loan at the end of year 5 with 9.62% simple interest per year or with 5.36% interest per year, compounded annually. What is the difference of the total interest paid over ..
"Fiscal Policy" Please respond to the following: Decide what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if customer confidence is lower than the previous month.
Henry, a resident of Nevada, sued Adam, a resident of Utah in the Federal Court in California. He sought $60,000 damages for personal injuries arising from an automobile accident that occurred in Los Angeles, California. Does the Federal Court hav..
Assignment: Elasticity and Its Application. Define the price elasticity of demand? What information does it provide? How is it calculated? Define the income elasticity of demand? What information does it provide? How is it calculated
a.)define the concept of economic models b.)define scarcity and choices and their relationship in the study of economics c.) why do economists disagree d.) Name and define economic resources or factors of production
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