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Two events occur simultaneously in the market for automobiles: (1) an improvement in assembly line 'technology' and (2) the economy enters a 'recession' (which decreases 'income' of consumers). An economist would predict with certainty that equilibrium quantity will rise
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
How does high income inequality suppress economic growth. With respect to social conflict, credit constraint on the poor, "poor person" median voter, less developed countries have more children, etc.
With the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1, a consumer, George, with an income of $1,000 purchases 300B and 400R. At that point, the consumer’s MRSBR = 3 R/1 B.
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
Explain why do you think the labor supply curve for very gifted or unique people is quite inelastic.
Now suppose that Charles Home improvement, when the disposal cost of old water heaters is included, has exactly the same average and marginal cost curves for installing replacement water heaters as does ABC water heater.
The price per unit remains $7.50 in both scenarios. Does the labour analyst's argument hold? Explain why or why not, and use data to prove your point. (Hint: calculate total costs in both circumstances).
Derive the equation for output per effective worker y = Y/EN = f(k), where k equals the amount of capital per effective worker. or calculate the steady state levels for each.
How do you think the check tax affected the currency-deposit ratio and use the model of the money supply under fractional reserve banking to discuss how this tax affected the money supply.
During the recent recession, when countries around the world suffered high unemployment rates and the governments were experiencing huge budget deficits, economists debated whether to raise or cut taxes or to raise or cut government spending.
The inverse market demand in a homogeneous-product Cournot duopoly is p=200-3(Q1+Q2) and costs are C1(Q1)=26Q1 and C2(Q2)=32Q2. Determine th reaction function for each firm. FIrm 1 Q1=, Firm2 Q2= Calculate each firm's equailibrium output.
As a production manager who understands the academic argument for free trade working in an company threatened by cheaper imports, how do you react.
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