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Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve derived from the supply curves of individual producers?
300 words...........
Explain how "Black markets" impact economic actives: please explain in detail and use a supply and demand graph for your examples
q.johnny works for the great big cookie company gbc which buys labor at a wage of 1 an hour and uses it to produce
Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Find an equation that gives every bundle of cigarettes and coffee that I..
What are the similarities and differences in free versus fair trade arrangements? How are these reflected in the actual prices of coffee? Are fair trade principles both an effective and economically efficient trading mechanism? Is fair trade coffee s..
Which competitive pay policy would you recommend to an employer? Why? Does it depend on circumstances faced by the employer? Which ones? What are the differences between merit pay and incentives? Why might an organization choose one or the other?
Linus has the utility function U(x1, x2) = x1 + 2x2. If the price of good 1 is $1 and the price of good 2 is 50 cents then Linus must consume equal amounts of both goods in order to maximize his utility.
Contrast the LLP form of business under state laws to the LLP for tax purposes. Next, suggest the major reasons why a new entity would choose an LLP over a traditional partnership for tax purposes
Illustrates your local electricity company’s natural monopoly. The diagram shows the demand curve for kilowatt-hours (kWh) of electricity, the company’s marginal revenue (MR) curve, its marginal cost (MC) curve, and its average total cost (ATC) curve..
they pay 20 cents to the Lord High Mayor of Rabushka. What is the marginal tax rate in Rabushka for a worker whose income is $1 million?
Suppose w = $100. There are two commodities, electricity and food. Each unit of food costs $1. The Örst 20Kwh electricity cost $1 per Kwh, but the price of each incremetal unit of electricity is $1:50 per Kwh. Write the consumers is budget set formal..
Assume an open, mixed economy. Assume the MPC is .7. Assume a stimulus package of $100 billion has been approved by Congress and the money has been spent. In order to pay for those expenditures, Congress also approved a $100 billion increase in indiv..
Suppose that the long-run aggregate supply curve (potential output, Y is vertical at Y = $3,000 while the short-run aggregate supply curve is horizontal at P = 1.0 (and once again, P = 1.0 is the SRAS Curve, in other words). If the macro economy is i..
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