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According to the New York Times (11/18/06) the number of car producers in China is increasing rapidly. The newspaper reports that “China has more car brands now than the United States.” But while car sales have climbed 38% in the first three quarters of the year, automakers have increased their output even faster, causing fierce competition and a slow erosion of prices.” At the same time, Chinese consumer incomes have risen. Assume that cars are a normal good. Use a diagram of the supply and demand curves from cars in China to show what is happening. Explain verbally, too. Label and describe shifts and directions of Q and P carefully.
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of this income distribution. Do the top an..
Which of the following practices would indicate that an employer is trying to overcome a principal-agent problem with his employees?
Assume that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output
Diminishing marginal returns begins with which employee? Suppose a pot sells for $20 each. What is the marginal revenue product of labor of the second worker? If wages are $50 per day and pots sell for $20 each, how many potters will the firm hire?
Use “John Maynard Keynes – capitalism faces its challenge,” in Big Three in Economics by Skousen as your resource to answer the following questions: What was the economic context in which Keynes was writing? How did that affect his economic views? Wh..
A key difference between accountants and economists is their different treatment of the cost of capital. Does this cause an accountants estimate of total costs to be higher or lower than an economists estimate? Explain. Kelly is a clerk and she earns..
Which of the following represents an example of a major cartel in global markets? ? ?The Organization of Wheat and Corn Exporting Countries (OWCEC). ?The Brotherhood of Scrap Iron Exporting Countries (BSIEC). ?The Organization of Petroleum Exporting ..
Illustrate what output level would a perfectly competitive firm produce.
Suppose that GDP is $49,081, taxes are $7,478, consumption is $13,848, transfers are $5,073, and government spending is $10,880. What are national savings?
Countries seeking to adopt the euro as their currency must meet certain criteria, including the requirements to keep their government budget deficit equal to 3% or less of GDP, and to hold government indebtedness to less than 60% of GDP. Discuss why ..
How does elasticity of supply affect the loss of economic surplus caused by a price ceiling? Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstate the overall loss in economi..
Suppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops.
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