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Explain the concepts of income effect andsubstitution effect? When would the individual labour supply curve bendbackwards (explain using diagram)? What would be the shape of thelabour supply curve if the income effect was always equal to thesubstitution effect (Explain using diagram)
1. if you are the chief economist of a country experiencing high unemployment and flat gdp what macroeconomic policies
What is rehabilitation and what is the history behind it's use? What is the philosophy behind the use of rehabilitation?
What is price discrimination and how is it used to increase a monopoly’s profit? Explain how consumer surplus changes when a monopoly price discriminates. Explain how consumer surplus, economic profit, and output change when a monopoly perfectly disc..
q.competitive market equilibrium the firm provides recycled toner cartridges for printers. the market is perfectly
The residents of Mobile City all live in mobile homes which they own. However, they rent land for their homes from absentee landowners. The rental supply of land is inelastic at 100 acres. How many acres are rented? Explain. What is the market rent o..
EverKleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service is standardized; each company cleans the pool and maintains the proper levels of chemicals in the water. At what output le..
Assume the same demand conditions as stated in Problem 1, but let the discount rate be 0.10 and the MEC be $4. How much would be produced in each period in an efficient allocation? What would be the marginal user cost in each period?
Compared with a drip system, a new type of infusion pump reduces the cost of administering chemotherapy from $25 per dose to $20 per dose. The complication rate of each system is 2 percent. Which should you choose? What sort of analysis should you do..
Compared to other countries of comparable wealth, the United States has: Much of the rise in income inequality in the past 20 years in the United States comes from: In the United States and other wealthy countries, a large part of the welfare state i..
When the Federal Reserve utilizes open-marketplace operations to raise the Federal funds rate several times over a yr.
1. Compare numeric and symbolic processing techniques. 2. Do you agree that using speech communication as the user interface could increase willingness to use expert systems? Why or why not?
Suppose the Council of Economic Advisors (CEA) hired you as an Economist (Economic consultant). The head of the council tells that she believes the current unemployment rate of 9 % is too high.
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