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Critical Thinking: The price of transplantable human organs has increased significantly in recent years. Why do you think that has occurred? Organ transplants are expensive. The hospital and medical personnel earn lots of money and the recipient pays lots of money. No money, however, goes to the donor or his or her family. Do you think it would change the supply of organs if donors or donor's families were paid?
Whether a tax is shifted forward or backward depends on the price elasticities of demand and supply. The effect of a tax is the same thing as the incidence of the tax. The principle of comparative advantage is associated with
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
Twin sisters Rose and Iris each have $100 to spend on flowers (X) and all other goods (Y). Flowers cost $2 each, and all other goods (AOG) have a composite price of $1 each. Assume that their preferences are represented by convex indifference curves...
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. When the price is P=$3.50 what is the quantity supplied by Mexician producers, Qs and what ..
Answer the question below by assuming that the following conditions prevail in the banking system: Reserve requirements equal to %10 on demand deposits accounts. Currency in circulation amount to $40 billion - Savings and Time deposits amount to $400..
Those who desire that policymakers stabilize the economy would advocate which of the following when aggregate demand is insufficient to ensure full employment?
An individual purchases quantities a, b, and c of three different commodities whose prices are p, q, and r, respectively. The consumer spends m dollars, where m > 2p, and the utility function is given by Show that the optimal expenditure on the secon..
China has begun to allow gradual changes in the RMB/dollar rate since 2005. There are still observers believed the RMB is undervalued. Which of the following statement is true holding other things constant?
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. (Milk and coffee are perfect complements here). Coffee costs $1/oz, and milk $0.5/oz. Draw his budget constraint and indifferenc..
11.assume you are the director of design for a cell phone manufacturing company. you work closely with the new product
Suppose that a country is producing on its PPC at a point to the left of the tangency between the trade line and the PPC. At the production point,
A leading organization, inspired by the Grameen bank, is attempting to provide loans to small farmers. it is leading to farmers in groups of two. Explain three reasons why a strategy of group leading may be better than a strategy of lending to indivi..
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