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What effect each of the following events would have on LRAS? Would LRAS shift left, right or no effect? Explain why.
1. Nation experiences a flood of immigrants from the neighboring country.
2. Government increases minimum wage.
3. Mosanto develops synthetic hormone that increases milk production when injected into cows.
4. Hurricane Irene causes severe damage to oil refineries.
Illustrate now have to lend out how much does this bank if it decides to hold only required reserves.
Over which range of production, the marginal product of the variable input would be increasing in the short run.
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain..
A _____ shows the relationship between one firm's profit-maximizing output as a function of the output of a rival firm in a duopoly market.
With the aid of a diagram explain the difference between monopoly price, average cost pricing, and marginal cost pricing of a natural monopoly. Which is the most efficient and why
describe: 1. the characteristics of private property; 2. two other property rights arrangements; 3. at least three policies or institutional arrangements that have been developed to address property rights challenges in natural resource management.
If the correlation between x and y is 1, then the points in the scatter plot of y on x all lie on a single line with slope sy/sx.
Illustrate what are the benefits also costs to the US economy of labor migration (illegal also legal) into the United States from Mexico.
Let’s say a machinery manufacturing company is having to lower its price to sell its products. How might this situation affect this company’s decision to borrow money and invest in its business? Would it be more, or less, likely to invest and expand?
What should happen to the extraction (usage) rate of iron ore when. There are two general methods that governments use to sell mineral rights to the private sector. One is production royalties where the private firm promises to pay a certain amount ..
If free trade and greater foreign competition causes markets that were previously oligopolistic to become monopolistic, is this good for the consumer? Is free trade and competition better for any workers unions that may have existed within the previo..
How did restrictive mercantile policies lead to an early Industrial Revolution in Britain, when they led to several other nations collapses on Continental Europe?
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