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1. A positive statement is one which is:
derived by induction. derived by deduction. subjective and is based on a value judgment. objective and is based on facts
2. The invisible hand refers to the:
fact that the U.S. tax system redistributes income from rich to poor. notion that, under competition, decisions motivated by self-interest promote the social interest. tendency of monopolistic sellers to raise prices above competitive levels. fact that government controls the functioning of the market system
3. Innovation lagged in the centrally planned economies because:
there was too much domestic business competition. there was too much competition from foreign firms. enterprises resisted innovation out of fear that their production targets would be raised. exports had to equal imports for the plan to work.
Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
The market environment heavily effects corporate decision making ability. Define and explain the difference in executive decisions concerning pricing, product design,
Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Find out the Marginal Revenue and Marginal Cost
Given the global economy, increase of emerging economic superpowers such as China and India, and challenges to remaining competitive in a global world, do you think that American federalism remains relevant?
Economists who align more with the "Classical" school would have a "leave it alone" (Laissez Faire) attitude and would oppose active policymaking. "Rational Expectations Theory" (a "new classical approach") suggests that people figure out what wil..
What is opportunity cost and describe with the help of an example, why assumption of constant opportunity cost is very unrealistic and also calculate point elasticity of demand
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
One of the stumbling blocks of Voice over IP has been the implementation of a 911 service. The given story appeared on the newswires on Tuesday:
Elasticity of demand for each of the following showing all calculations and
Econ 301 Assignment, Find at least three other variables that may affect the return of equity of your choice
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