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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?
e.) why is money not capital
f.) explain why scarcity forces individuals to incur opportunity cost. Examples?
g.)Does minimum wage help the working poor?
h.) what are the opportunity cost of going to college?
i.) what is the concept of the production possibilities curve
How much is his fixed cost? How much is his variable cost and at what level of production is his average cost minimum
The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production.
Students fascinated with your explanation and eager to learn more, ask about the shape of the demand and supply curve in each industry. Provide a demand and supply graph for each industry to explain. Label equilibrium price and quantity.
The Wall Street Journal discusses a trend among some large US Corporation to base the compensation of outside members of their boards of directors partly on the performance of the corporation.
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Toys Corporation has estimated its demand and cost function what will be theprice and quantity if Toys would like maximize profits
Explain why market power leads to a deadweight loss. Is the total deadweight loss from market power for the economy large or small. A student argues, "If a monopolist finds a way of producing a good at lower cost, he will not lower his price. Becau..
Disinflation is defined as a reduction in the rate of inflation. B. Policymakers can exploit a trade-off between inflation and unemployment in the short run but not in the long run. C. Unemployment rates below the natural rate of unemployment are di..
Assume that a profit maximizing monopolist faces an inverse demand function give by p(.), where p'(y),0, and a total cost function given by c(y), where c'(y)>0. Suppose the government wishes to combat the undesirable allocational effects of a mono..
The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?
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