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1. What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer.
2. Does private ownership entitle the owners to do anything they want with their property? Why or why not?
3. Do private owners have an incentive to conserve resources for the future?
4. Do businesses operating in a competitive market have an incentive to keep costs low and produce goods that consumers value highly relative to cost? Do they have an incentive to innovate and develop improved products? Explain.
Marcus’s utility function is U(X, Y) = (X + 2) (Y + 1). a. Write an equation for the indifference curve that goes through the point (2, 8). Graph the indifference curve for U=
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Graph these functions and find the non-zero equilibrium. Prove that the equilibrium at (0,0) is not stable. Suppose that school inputs improve by one unit, from 10 to 11. What
Acme Container Corporation produces egg cartons that are sold to egg distributors. Acme has estimated this production function for its egg carton division: q = 24L0.5K0.5 such
Would environmentalists favor command-and control policies as a way to reduce pollution? Why or why not? From an economic perspective, is it sound policy to pursue a goal of z
Suppose that the latest Consumer Price Index (CPI) release shows a higher inflation rate in the U.S. than was expected. Everything else held constant, the release of the CPI r
Describe how the circular-flow diagram works. Name the parts of the diagram that correspond to the flow of goods and services if you were to pay $50 for a new pair of shoes at
Smith, Ricardo, Malthus, and Marx had strikingly different views of the long-run tendencies of the capitalist system. Carefully discuss the vision of the future development of
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