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There is a joke among economists that children are an "inferior good." In many countries there appears to be a negative relationship between income and the number children in a household. That is to say, higher income households tend to have fewer children than lower income households. Do you think this is true in the United States? Do you think this is true in other countries?
Why might a perfectly competitive market firm be willing to run at a loss in the short run? The assumptions of a PCM firm should be outlined in order to end that the PCM firm i
Address the following issues concerning technological and strategic barriers to entry. (a) Explain the role of economies of scale and (long run) fixed costs as technological bar
ACCOUNTING SYSTEM-EXAMPLE III Now suppose the Jam Co. manufactures some herbal chemicals and flavors which it sells partly to Extracts Co., partly to Bottling Co., some are co
Classify each good as a final good or intermediate good. (briefly explain wach choice) 1. running shoes 2. cotton fibers 3. watches 4. textbooks 5. coal 6. sunscr
A person chooses between leisure and consumption. All of their consumption comes from current income. The utility derived from any combination of leisure and consumption is given b
casual factors of the traditional business cycle and its effect on sectors of the economy?
The figure below defines an economy's aggregate demand curve and its short-runand long-run aggregate supply curves (labelled AD, SRAS, and LRAS, respectively). practically,the econ
Explain production as an income generating activity. What are the principal difference among government purchases of goods & service and transfer payments? Why are in
What is the study of economics about?
When a hurricane or flood or a pandemic strikes a country, who is most likely to respond first?
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