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1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?2. Explain the major components of the market for goods and services. What key macroeconomic variables influence spending on those components?3. What are some of the inconsistencies that made economists skeptical of the value of large, structural macroeconomic models? How did the overconfidence of macroeconomists after the long expansion of the 1960s lead to the inflation of the 1970s?
Calculate marginal cost and marginal revenue for each level of output when market price and what is the firm's profit-maximizing level of output
Evaluate the forecast error measures and residuals to determine if the error is acceptable or has systematic variation. Write conclusion relative to the acceptability of the forecast.
Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.
. In a sample of 300 houses, the sample average price was found to be $196,340. Assume the variance of house prices is 120,000,000. Let random variable X denote house price, and ? denote its unknown population mean, E(X) = ?. For each of the follo..
Some manufacturing companies are moving out of the country in search of cheap labor and the ones at home are not doing as good and some big ones like auto are trying to cope well after coming out of bankruptcy.
In what kind of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics which make it this type of firm?
Describe a situation of incentive misalignment that you have personally observed (ideally in your personal work environment, but could also be in a relationship, in the consumer marketplace, in public policy, etc.) and generally describe a way to ..
Analyze the role health policy lobbyists for special interest groups play in promoting health policy agendas. What regulations do you believe should be implemented that do not currently exist in terms of controlling activities by these individuals
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Calculate the following measures of farm performance and state what they mean (i.e. meaning: return to management for their own and the bank's capital investment):
Where x is measured on the horizontal axis and y is on the vertical axis. How would you figure out what the indifference curve consists of?
Joe enjoys fishing & goes out about 20 times per year. One day, Sara told him that fishing is too expensive of a hobby. She thinks he should stop going because she calculated that it costs about %28.75 for every fish he catches because he usually ..
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