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Problem:
(a) Distinguish between fiscal and monetary policy, giving examples where appropriate.
(b) Explain how fiscal and monetary policies might be used by a government during unemployment.
(c) Using hypothetical figures, distinguish between the theories of comparative and absolute advantage.
(d) Describe why a country might impose barriers to trade.
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
Implicit in these analyses is the fact that without government we could have neither shortage nor surplus. In large calculates, the suspicion of government is due to it has the po
explain 6 factors that determine volume of production
what monopoly market .
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
a monopolist faces a demand curve Qd- 120-2p and has costs given by C(Q)=20Q+100 (marginal cost is constant at $20) a. What is the optimal Price and Quantity for this monopolist?
Cost Push or Supply Inflation: It is a situation where the process of increasing price level is caused by increasing costs of production which push up prices. Cost push infla
Assume the United States exports 1000 computers at a price of $3000 each and imports 15 UK autos at a price of 10000 pounds each. Assume that the dollar/pound exchange rate is $2 p
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