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Assume that grapefruit is an inferior good. Draw a perfectly competitive market for grapefruit and a firm selling grapefruit in the long run equilibrium where price is $1 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each). EXPLAIN what happens in the short-run if incomes increases by 15%? EXPLAIN the process by which this market returns to the long-run equilibrium
Suppose years of schooling, s, is the only variable that affects earnings. The equations for the weekly salaries of male and female workers are given by: What is the average male-female wage differential in the labor market? How much of this wage dif..
q1. explain a voting pattern using the actual votes taken by at least 15 legislators in the u.s. congress a state
Illustrate what government body makes fiscal decisions. Policy makers for national fiscal policies. Explain the effects of fiscal policies.
Plaintiff shipped to Defendant—Pizza Pride Inc. of Jamestown, North Carolina—an order of mozzarella cheese totaling $11,000. Plaintiff, a manufacturer of men’s clothing in Los Angeles, contracted to sell a variety of clothing items to Defendant, Harr..
If nominal wages rose 1.5% and productivity increased 3% in a given year, we should expect:
You have just won $100,000 lottery. Use a diagram showing the tradeoff between leisure ( on x-axis) and goods (y-axis) for the following: Show how the lottery winning affect your budget line
Further assume that they are not able to ‘collude' on price and quantity of premium digital channel subscriptions to sell. How much profit will each firm earn when this market reaches Nash equilibrium.
When thousands of products and their prices are at stake, does it make sense that comparative advertising at the store level be permitted? Based on what you read and any further research you choose to do, has Wal-Mart competed fairly with its compara..
Using the alternative fuels initiative (ethanol) as an example, explain the cost/benefit approach that a typical economist might take to analyze proposed policy changes?
q1. a corporation has 7 million in equity. during the tax year it takes in 4 million in receipts and earns 2 million in
Halle describes “Third-worldism” as an automatic resistance to change among poorer countries to proposals that come from richer countries. What could be done to overcome this distrust?
Assume the economy has a GDP of $11,500 billion. The unemployment rate is at 7.3% and has been slowly rising for the last 6 months. Inflation was at 2.3% one year ago but has since dropped to near 0%. The MPC in the economy is .75 and the natural rat..
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