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Explain how the price-specie-flow mechanism operates to maintain balanced trade between countries. What are the assumptions that are critical to the mechanism's successful operation?
For a competitive market-a seller can always increase her profit by raising the price of her product. if a seller charges more than the going price, buyers will go elsewhere to make their purchases.
Determine the point price and income elasticities for household furniture
The market supply curve is the curve that summarizes:
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. Compute the equilibrium price and quantity in this market.
Assume you are the plant manager for Crossroads Sign Company, which produces road signs in a market that approximates perfect competition. Due to a slow economy, business has been slow and the company is losing money every month.
How will firms react to rising output price levels? What reactions can they expect from their employees and suppliers over time?
Suppose that an economy’s production function is cob-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decrease..
A also the new allocation B. Include indifference curves that is consistent with this trade being optimal for both Michael also Tony.
He wage elasticity of labor supply for men aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. If male college graduates offer 45 hours of work per week, wh..
A machine produces 1000 units of product per day in an existing manufacturing operation. The machine has become obsolete due to tightened product quality standards. Replacement machine A will cost $20,000 and will produce the needed 1000 units of pro..
What policy towards the automakers should we pursue? Should government leaders have provided outright grants to struggling automakers; what about more loans or loan guarantees? Concentrate on using your managerial economics knowledge, tools, and conc..
The long-run and short-run aggregate supply curves reflect fundamental differences between long-run and short-run macroeconomic analysis. Graphically illustrate the long-run and short-run aggregate supply curves. Be sure to label the axes.
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