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1. Adam Smith favors a policy of laissez faire in managing economic activities. Why?
2. Economics deals with the efficient use of resources? Why?
3. Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
4. It is possible for everyone to enjoy comparative advantage in a task of their choosing. Why?
5. Prices and wages help coordinate economic activities. How?
6. Friedrich Hayek wrote, to assume all the knowledge to be given to a single mind is the same manner in we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world.
Explain why central planning eventually leads to misallocation of resources and corruption.
Suppose firm 1 and firm 2 each produce the same product and face a market demand curve described by Q= 5000 - 200P. Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. what is the Ber..
Analyze Elucidate how Boeing also Airbus approach the aircraft marketplace, Elucidate how they are alike also different.
Determine if you should go into your own solo private practice or to join a specialty group of physicians.
A chemical company uses large amounts of shredded steel scrap metal in its production processes. Most of this scrap comes from 12-ounce beverage cans. What kinds of information would you need to make such a forecast?
Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or L0.07 per litter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while B..
1. draw a real expenditures curve on a graph showing a recessionary gap. explain what happens to real gdp when it is
elucidate how income changes along demand curve and why a local builder seeking to maximize income on a small site would be interested in elasticity of demand.
If the government passes a law requiring sellers of mopeds to send $200 to the government for every moped they sell, then
Once issued by the parent, It stays which way also all transfer benefits (tax breaks) are lost forever.
Consumer surplus is smallest for. Which of the following markets will have the largest deadweight loss? A monopoly can price discriminate between two groups of consumers if each group has ________.
What is the future worth of a series of even payment series of $1,674 made at the end of each 6-month period for 9 years at 6 % compounded semi-annually?
Compute the incremental profit Electron Control would earn by customizing its instruments and marketing directly to end users.
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