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Explain why each of the following statements is True, False, or Uncertain according to economic principles.
Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.
1. Suppose that Ian and Mike are cottagers on opposite sides of a small lake. Ian values electricity at his cottage at $500 and Mike at $700, but in order to get electricity for their properties a trunk line costing $1000 must be built. If they are unable to negotiate the trunk line will never be built, but if they can causelessly negotiate to split the costs, it will be built.
2. Suppose the tax rate on the first $20,000 of income is 20%, and on any income above that is 25%. This tax is progressive. [Hint: Consider two taxpayer, one earning $20,000, and the other $40,000]
Explain how do efficiency techniques differ in short- versus long-run when attempting to maximize profits. Illustrate what specific incentives are used in your workplace to promote efficiency.
q1. why the short-run demand for gasoline is less elastic than the long-run demand when the price of gasoline rises
Discuss the concepts of marginal product and marginal cost. Also discuss the importance of trends in these and other economic measures and how time-series analysis (trend analysis) can be used or misused to make important management decisions
q. real wages and productivity-are workers paychecks keeping up? over the long run historically real wages produce
Ellen and May can produce two goods in a day, breakfast bars and frog food pellets. In a single day, May can make 10 breakfast bars or 30 frog pellets
Explain how to encourage people to spend more to increase aggregate demand and create employment possibilities.
In "The Consequences of Mr. Keynes," James Buchanan and Richard Wagner argue that the "unwritten fiscal constitution" of an annual government balanced budget helped restrain the growth in government, but the Keynesian argument for a balanced budge..
Assume that the pool of utilized textbooks grows further during the second year of the latest edition
Assume that marginal utility of good A is 4 times the marginal utility of good b. The firm can compute all points on its total cost curve if it knows.
Picture Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached. Equilibrium quantity increase from 4 to 4.5 units.
on the planet omicron persei 8 government spending is 1000 net taxes are 1200 as well as planned investment is 1400.
Besides elections and campaigns, do the major political parties influence public values and ideas.
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