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Demonstrate in a graph that if the production technology is of the fixed proportion type (i.e., L-shaped isoquants), an increase in the wage rate will cause only a scale effect on labor demand and no substitution effect. Will there be any difference between the long-run and short-run labour demand curves?
1. What is the policy of import substitution? Has this policy worked for the developing countries? If not, what are the problems of this policy?2. Mention any two benefits of export promotion policy
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Economic theory offers ______ about the full range of possible events and responses, which can prevent _______ about how households will respond to changes in prices or incomes.
This question is about Heckscher-Ohlin (H-O) trade theory. Country A and country B both produce wheat and cloth. Each product needs two factor inputs, land and labor. Assume country A is labor abundant and cloth is a labor intensive good.
Discuss the Federal Reserves use of open-market operations to influence the money supply and the respective consequences of such actions.
the meat-processing industry in hungary is perfectly competitive and there are two types of firms operating domestic
Can forest harvesting still be ine?cient even where tenure is given on a individual basis and is secure. Why or why not.
If the marginal cost ofplantingand harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
Economies of Scope) Distinguish between economies of scale and economies of scope. Why do some firms produce multiple product lines, while others produce only one?
Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each price is twice what it was).
In your view, should leaders in the public service pursue the "greatest good for the greatest number," or follow a set of moral rules when they make decisions involving difficult ethical issues?
explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. why does the productivity standard typically fail to yield an equal distribution of income
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