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If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflects the law of increasing opportunity costs.
If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
illustrate what price should it charge and how many DVDs should it order from each supplier.
If you were to emmigrate from earth, would you rather land and work in Thisuni or Nisuthi. Elucidate your reason based on the burden of tax paid by workers and firms.
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. Illustrate what is the price elasticity of labor supply.
Explain is it irrational for an individual to take the time to be completely rational in economic decision making.
Two firms compete for consumers who have aggregate Demand x=100-2P. Both firms have constant marginal costillustrate both firms' best response functions & indicate Illustrate what the outcome is for each firms'.
Distinguish between the resources market and the product market in the circular flow model.
Explain how the U.S. economy may self-correct back to the long-run equilibrium where actual GDP equals to full GDP and there is full employment.
Describe the Schumpeterian notion of "creative destruction"
When the work was complete, Chuckrow paid Gough the original contract price but refutilized to pay him for the additional cost of reerecting the trusses.
Illustrate what do economists call the percentage change in real GDP from year to the next. Under a business agreement 70/30 why should the 70% shareholder decision carry all day.
Explain how are protectionist policies from other nations predicted to affect China's relative supply and relative demand.
Illustrate what kind of factors are contained in u. Are these likely to be correlated with level education.
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