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The PPT slides suggest that variation is closely related to the ideas of risk and uncertainty. Describe two examples from the PPT slides where highly variable data leads to uncertainty about outcomes and where risk-averse and risk-seeking individuals might differ on their choice of actions.
One Tuesday the government announces two new policies. First, you must pay a head tax (lump sum tax) of $3 a day. Second, the government will subsidize the purchase of apples (but not of oranges) so that the price of an apple falls to 50 cents. Draw ..
Discuss the pros and cons of monopoly structures. Cite the forces that influence the supply of labor. Explain why the labor demand curve slopes down word
Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the conditions below. What are your predictions? For each part, sketch a ..
Based on your answer in a and b, how can you reconcile the President's statement with economics? Can you suggest how his statement could be modified to be consistent with teh IS-LM model?
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
Explain also by using graphs welfare off policy measures on consumer and producer surplus and net gain or loss to society.
Using existing plant and equipment, Priceless Moments Figurines can be manufactured using plastic, clay, or any combination of these materials. A figurine can be manufactured by F = 2P + 5C, where P is pounds of plastic and C is pounds of clay. Plast..
q1. suppose that the government imposed a 1 tax each time someone used the atm. how would this effect output and the
An asset with a first cost of $100,000 is depreciated over 5-year period. It is expected to have a $10,000 salvage value at the end of 5 years. Using the straight-line method, what is the book value at the end of year 2?
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
What factor(s) in demographic segment can have significant impact on U.S. restaurant industry? How does each of these factors shape the growth and changes of the industry? What are the future trend of each factor and the resulting changes of the indu..
The future of cities in the united states and in other countries will be determine by their abilities to benefit from the _____________ and to minimize or counterbalance the __________________.
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