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What are the three main aggregate supply factors that determine a nation's potential (or full-employment) level of real output? What are the four main components of aggregate demand? Explain: "Aggregate supply factors determine a nation's potential GDP, whereas aggregate demand factors determine whether or not the nation achieves its full employment GDP." How does fiscal and monetary policy relate to aggregate demand?
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
Use the Porter's five forces framework to explain this pattern. Discuss possible profit-maximizing business strategies that artists, record companies, and retailers may wish to pursue.
explain briefly how a change to the following ms md or p ceteris paribus would shift the lm function to the right.
Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price under the Oi two-part tariff. Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price un..
Why does the burden of sales tax fall completely on customer when the value elasticity of demand is perfectly inelastic; the seller when perfectly elastic.
Sam currently earns $30,000 per year. the governments is considering a policy that would increase sam's income by 12%, but raise all prices by 8%. what is sam's compensating variation for the proposed policy? can you compute it without knowing his..
utility if a function of income (I), given by: \(U = 101\) as long as I is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with ce..
Why does the short-run market supply curve for a product slope upward to the right? Why does the long-run market supply curve generally slope upward to the right?
What is the key assumption needed to show how one can construct a numerical utility function out of just a preference ordering? Don't just draw a picture; explain what the assumption means and apply it to show how to construct that numerical util..
Returning to the duopoly of part (b),suppose Firm 1 abides by the agreement but Firm 2 cheats by increasing production. How many widgets will Firm 2 produce? What will be each firm"s profits?
Even though both monopolists and competitive firms follow the MC = MR rule in maximizing profits, there are differences in the economic outcomes because the pure competitor cannot make any economic profit.
1. pritchett and summers argue that income per capita is strongly and positively related to health status when viewed
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