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Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. Calculate as an economist the total cost for one birdhouse?
Senator Snodgrass says, “You economists say the economy is recovering from the recession but corporations are sitting on piles of cash and the unemployment rate is not declining. If the economy is really getting better, why aren’t more people getting..
Suppose that an economy has the Phillips curve. What is the natural rate of unemployment? Graph the short-run and long-run relationships between inflation and unemployment.
Exhibit 2-8 represents Robin Hood’s production possibilities frontier. Assume that he currently produce at point G inside the production possibilities frontier. He can produce more bows employing the existing resources more efficient. He can increas..
Homemakers are not included in the employment or labor force totals compiled by the Bureau of Labor Statistics household survey. They are included in the working-age population totals. Suppose that homemakers were counted as employed and included in ..
Sketch the isoquant corresponding to an output level of 100 units What is the MRTS for this production function? Does the isoquant exhibit a diminishing MRTS?
Explain how does one construct a linear (or other mathematical program) to solve a competitive or walrasian equilibrium problem.
When an increase in aggregate demand exceeds the increase in aggregate supply,
What are the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the trade barriers used?
Why would consumers demand 0 minutes in the long run if the price was $.30 every minute.
Oftentimes on national issues like elections, you see news media reports polls after polls and each time they point out the results are within the margin of error of ± 3%. You may have been wondering where does the 3% come from. Note that in those po..
In a market economy, every resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices.
Open a pizza restaurant and is considering either selling the bonds and using the 100,000 to start his restaurant or borrowing the 100,000 from a bank which would charge him an annual interest rate of 7 percent.
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