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Why do economists prefer to speak of demands arising out of "wants" rather than "needs"? Explain why economist considers the concept of utility useful, even if psychologists cannot measure it precisely.
Tanya operates a home business importing sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on advertising, accounting services and u..
Draw the impact of this illness on the equilibrium de?ned in exercise 5. How will it change his equilibrium allocation of earnings and labor-leisure?
The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate the four-firm concentration ratios for the two ind..
explain how the circular flow diagram relates to the current economic situation. using the circular flow diagram
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
taxicab fares in most cities are regulated. several years ago taxicab drivers in boston obtained permission to raise
Explain what could happen in the future with each of these trends below and come up with three(3) more trends not listed and do the same analysis for your three additions.
Why, under an autarky, does Production have to equalConsumption If the consumption point is on the productionpossibility curve, why does this automatically mean that the production point will be the same as the consumption point
A new contraption to help you eat yogurt easily while driving, autogurt, is now on the market. It costs Justin $2 in equipment per unit, and takes him approximately 6 min to make. Justin charges $20 per hour. Justin additionally pays an electricit..
How much is his fixed cost? How much is his variable cost and at what level of production is his average cost minimum
What is the objective of the entrepreneur when it comes to the use of his or her resources? What is the major function of the middleman? Is the middleman an entrepreneur?
what are the methods that labor unions use to increase the wage rates of their members above the levels of nonunion
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