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Who sets the prices in the market and what is the nature of competition? Is it buyer versus sellers or buyer versus buyers? What happens if the price is too high or too low? Is the right price also the "fair" price? What is fair?
The supply equation for widgets is P = 100 + 10QS. The elasticity of supply between quantity supplied of 9 and 11?
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
You are the mayor of a beautiful city by the ocean, and your city is connected to the mainland by a set of k bridges. Your city manager tells you that it is necessary to come up wi
You are given the following information about an economy: Gross Investment = 40 Govt. purchases of goods & service =
The production function is Q=3LK
Critically explain why interest rates are pro-cyclical, using the supply and demand for bonds framework.
Compared with the situation before 1981, the marginal tax rates imposed on individuals and families with high incomes are now lower. What was the top marginal personal income tax r
What is the difference between an economic luxury and an economic necessity? Ans) An economic luxury is wasting land on pools huge garden, etc. An economic requirement is what y
A farmer grows wheat and sells it to a miller for $1; the miller turns the wheat into flour and sells it to a baker for $3; the baker uses the flour to make bread and sells the bre
the central economic problem facing the group of survivors
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