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Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald's, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? How does the market determine who will get the goods and services? Who decides whether these particular products should continue to be produced and offered for sale? How do these decisions differ between capitalist and socialist systems?
Assume an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP?
Depends on the demand curve above, what is the relationship between good X and good Z. What is the equation of the demand curve if consumer incomes.
hannah and her employer both expected inflation to be 3% between 2010 and 2011, so they agreed in a two year contract $12.00 an hour in 2010 and $12.36 per hour in 2011. However suppose inflation between 2010 and 2011 was only 2% not 3%.
Explain how much of input 2 does it use. Illustrate what is the most that it is willing to bribe an inspector to allow it to use another unit of input 1.
Explain how would you estimate additional dollar cost of adding sales people? How is the expected net revenue generated by adding.
Use the utility function to answer the questions, below: (x1, x2) = exp (√(x 1 ) + √(x 2 )-Derive the Marshallian (ordinary) demand function for good1 and 2, x i *(p,l), i =1,2 . Then derive the indirect utility function (p,l).
Assume that a cake is being divided in following way among two players. Each player writes down a number from zero to one on his piece of paper.
Atlantis is a small, isolated island in South Atlantic. The inhabitants increase potatoes and catch fresh fish. The accompanying table shows the maximum yearly output combinations of potatoes and fish that can be produced.
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
Describe how the budget constraint of a household in a two-period model is affected by each of the following changes. In each case, do you think that the household is better off or worse off, or is the answer ambigous? If ambigous, what does the a..
If it will cost us approximately $0.75/bottle to supply more Coke to our consumer what should we do if our goal is to maximize profit.
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
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