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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know that the industry is in long run equilibrium? b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry. c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
Most labor economists believe that the supply of labor is..
q1. what is the equilibrium income the marginal propensity to import and the trade deficitsurplus if consumption is
Illustrate what monetary policy tools should the Fed use to achieve the results you recommend.
How does the introduction of minimum wage in the US confirm or dispel that minimum wage was never indented to be a living wage? What are at least two specific goals of minimum wage laws and what modern day societal occurrences speak to either proof t..
Elucidate how might this allocation under allocation get resolved via the means suggested by the coase theorem.
Suppose the government cuts income taxes. Show the IS/LM model the impact of the tax cut under two assumptions. (1) Government keeps interest rates constant through an accommodating monetary policy. (2) The money stock remains unchanged. Explain the ..
Decrease DEMAND (finding alternatives to oil). Graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?
Illustrate what is expected value of sample information. Explain how much might physicians be willing to pay for a market study.
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry.
What will happen to real GDP and to the amount of labor employed, aggregate consumption, and aggregate savings? Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Because of the free-rider problem
q1. managerial economics involves use of economic analysis to make business decisions involving the best use of a firms
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