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By given scenario answer the following questions.
1. What phase of the business cycle is the economy?
2. If inflation increased by 5% during the same period, what was the change in nominal GDP?
Explain the concept of elasticity and describe why the supply of petrol in the short run is relatively inelastic.
Draw the supply and demand graph for pizza, then answer the questions below. SUPPLY OF AND DEMAND FOR PIZZA Quantity Supplied Price Quantity Demanded 300 $15.00 100 240 12.00 180 1
The Marginal Costs (MC) for a firm is given by the function MC=50x. Please find the Marginal Revenues (MR) for each of the following scenarios (if appropriate). Then, find the prof
Suppose that 70% of people who identify themselves as an "Independent" voter end up voting for a Republican candidate. What is the probability that out of 120 "independent" voters
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time. If you are completely on top of the material delivered in class, the
Effective Demand The concept of effective demand is the logical starting point of Keynes Theory of Employment. Effective demand manifests itself in the aggregate expenditure of
What are forms of price ceiling to lead inefficiency? Price ceilings frequently lead to inefficiency into the forms of: a. Ineffective allocation to consumers b. Wasted r
Explain about a model and use of it in economics. A model is a simplified demonstration of a real situation which is used to better understand real-life circumstances. The
A sample of 60 mutual funds was taken and the mean return in the sample was 13% with a standard deviation of 6.9%. The return on a particular index of stocks (against which the mut
how is credit creation by commercial bank
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