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Define economics. also explain the use of studyingeconomics as a subject.
Q.2. Explaimn the assumption of law of diminishingmarginal utility. also give the exceptions of this law ofdiminishing marginal utility and show the pratical importance ofthis law.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Is the equilibrium real output also necessarily the full-employment real output and Sketch in the new aggregate demand curve as AD. What is the new equilibrium price level and level of real output?
Because of the War of the Ring, the price of a sword went up to $150. Calculate new wage and employment level in each sector. (c) Do Hobbits gain or lose if the price of a sword goes up to $150? (To answer the quest..
Assume that the United States is initially operating at its full-employment level of output and prices and wages are eventually flexible both upward and downward. Construct a long-run AD-AS model.
Your current job pays $25,000 per year (after taxes), but you could earn $55,000 per year after taxes if you had a MBA at Southern University.justify your planned MBA at Southern University.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then, if the Fed wants the money supply to be $6,228 billion, what is the necessary level of high-powered money?
For each of the following pairs of goods, would you expect the cross-elasticity of demand to be positive or negative? Large (in absolute value) or small? Defend your answers:
Elucidate how tax credit to a business would help to stimulate the economy.
The government will tax good for many reasons, resulting in a fall in equilibrium quality while the prices increase. Could someone explain how price controls and taxes have influenced your purchasing choices.
Mr. and Mrs. Jones purchase a new car while they are living in New York. A year later, they move to Oklahoma. Shortly after the move, the brakes fail on the car, causing an accident in which Mrs. Jones is injured. The Joneses file a lawsuit in Okl..
should government officials attempt to reduce birth rates among families in so-called developing countries or anywhere else for that matter, what implications does your recommendation have on economic development
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