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Assume that the primary objective of a union is to raise the wages of its members.
a. Discuss the conditions that will help the union achieve the objective.
b. Why might a union be unable to meet its goal?
disposable personal income decrseases by$15 billion and the trade deficit is reduced by $5 billion. Explain by how much have investment, consumption and national income changed.
Suppose that the learning effect coefficient in the production of wrist watches is -0.2. If the average cost of producing the first watch is $100, what will be the average cost of producing the 40 th watch?
The licorice industry is competitive. Each firm produes 2 million strings of licorice every year. Total cost of strings have an average.
Explain by how much did real GDP increase between 2002 and 2003. Velocity in the country of Shem is always stable.
In an effort to bring inflation down they had set interest rates at 5% in 2018. How should the federal resent react if they desire to bring inflation down to 3%. When will they achieve that goal? (Hint: maintain plenty of decimal places.)
A purely competitive wheat farmer can sell any wheat he grows for $30 every bushel. His five acres of land
Based on your answers in a also b, how can you reconcile the president's statement with economics. Can you suggest how his statement could be modified to be consistent with the IS-LM model.
Suppose there are two spice-producing firms, and each can set up one trading post. Illustrate where would they set up trading posts and what prices would they charge.
Illustrate what should be the production level if fixed costs rose to $50,000 per month. Explain.
Illustrate what was the value of the government expenditure multiplier. What was the value of the tax multiplier.
Illustrate what is the shape of an indifference curve if there are economic bads on both axies.
A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find out that consumers won't buy it because they don't like the taste. From an economic prespective, the company should?
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