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With economic development comes each of the following, except;
a) a decline in the birth rate
b) an increase in the stock of capital
c) rising per capita GDP
d) a declining wage rate
What is opportunity cost of producing one more bushel of wheat in US. Which country has a comparative advantage in winter hats.
Explain how the quantity of executives demanded, the quantity supplied, and executive pay will change based on the above statement.
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
How does the standard product of labor change when the industry utilizes 81 units of labor.
Describe the different aspects of the business that you should be looking at from an economics perspective in order to run the company efficiently and explain using economics theory how you would improve the running of your company.
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
Why do Caterpillar and your parents have different opinions about the value of the dollar.
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A major bakery-cafe chain is evaluating whether they should consolidate its two offices into one location when the two leases expire. In addition, the company also needs to decide
Illustrate what public policies might be used to address one of the problems you identified in your response to the question above.
Explain what is meant by the principal agent problem, and relate it to shirking. What are the different pay incentive plans that correct for shirking on the job? How does profit sharing reduce shirking? What is the reason for efficiency wages?
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