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What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and which are the most important factors of production in California? (iv) How can we expand the production possibilities curves? (give some examples at macro- and micro-economic levels)
1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
What are the possible advantages of free trade? Firms a) Specialisation and enhanced use of comparative advantage b) Possibility of advantages of scale c) Spread
Draw a marginal utility cureve for a good that has a constant marginal utility
The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
if a commodity has limited demand , should economist say that we still have a scarcity ?
Non-Accelerating-Inflation Rate of Unemployment (NAIRU): This theory is a variant of neoclassical natural rate of unemployment. As in original natural rate theory, NAIRU advocates
given the cost function as C=0.3Q3-2Q2+13Q+25,find the supply function
Problem: i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity? ii) A publicly owned bus line is running at
how does the charging the monoply a specific tax per unit affect the monopoly optmum and 5the welfare of consumer
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