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Jessica spends all her income on good 1 and good 2, and her income-consumption path is downward sloping. Is it possible that both goods are normal? That both are inferior? That good 1 is normal? That good 1 is inferior? That one of these goods is inferior and the other normal?
The opportunity cost of Juan's time is $8 per hour. If Juan receives $2 per pound for his fish, what is the optimal number of hours he should spend fishing.
Explain how both the flow-of-product approach and the earnings approach can be used to measure GDP and the role profit plays in these calculations.
When a industry's marginal revenue product equals the income rate, marginal revenue also equals marginal cost.
Calculate Anthony his explicit cost for operating his consulting firm for a year?
While waiting for their buses to leave, they decide to browse your school bookstore and buy some items that catch their eye. How would this affect the store’s inventories?
Where does this short-run aggregate supply curve intersect the long-run aggregate supply curve that you drew? Just need an explanation of what it woudl look like?
The value of the recreation has been conservatively set at$0.50 per hour. At a discount rate of 3% per year, what is the B/C ratio for the project?
Elucidate the concepts of Comparative and Absolute Advantage. Compute the opportunity cost for each country.
Suppose banks keep no excess reserve and no individuals or firms hold on to cash. If someone suddenly discovers $12 million in buried treasure and deposits it in a bank, elucidate what will happen to the money supply if the required reserve is 10 ..
Calculate the equilibrium interest rate by setting the demand for central bank money equal to the supply of central bank money.
Illustrate what is the maximum profit. Suppose that the fixed cost rises to $200,000. How would this affect the profit-maximizing price.
assume that government establishes a cost floor below market equilibrium for rents on how utilizing. Illustrate what will be main effects of this cost floor. Demonstrate your answer graphically.
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