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How did political revolutions in the Atlantic Ocean basin affect or alter the institution of slavery and the lives of slaves? What were the long-term consequences of revolutionary ideologies for peoples of color?
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
a) Assume that a business firm sells a product at the price of Rs 500. The firm has decided to reduce the price of the product to Rs 400. Consequently, the demand for the product is raised from 20,000 units to 25,000 units. Calculate the price elasti..
You are the manager of a monopolistically competitive firm. The inverse demand curve you face is P = 50 – 4Q. Your cost function is C(Q) = 10 + 2Q. What level of output should you produce to maximize profits? What is your profit and what will happen ..
Other things equal, what effect will each of the following have on the equilibrium price level and the level of real output?
Summarize Kuznets's Inverted-U Hypothesis and discuss the conceptual merits and limitations of this hypothesis, especially in reference to African countries.
q1. suppose that i make 15 per hour and you make 20 per hour and we both like to eat hamburgers that cost 5 each.
Why does the Great Salt Lake, which is wholly within the state of Utah, suffer lower levels of pollution than Lake Erie, which is bordered by several states and Canada?
January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to production using a predetermined rate of 80% of direct labor cost.
A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning positive economic profits. Describe how this industry will adjust in the long run.
Illustrate why does the GDP deflator give a different rate of inflation than does the CPI. Illustrate what is the difference between a medium of exchange and a store of value.
What factors give rise to increasing returns to scale and decreasing returns to scale? Define and then derive the expression for the marginal rate of technical substitution.
A fairer distribution of rewards may generate a higher average productive effort on the part of the population in that way enhancing efficiency.
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