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Scarcity is the main reason we are studying economics. Scarcity exists when human wants exceed available resources. Write a four paragraph post that explains the difference between a want and a need? Please give five examples for each of these two concepts. Explain the rationale that dictates your choice
Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.
The machine will be operating 2,500 hours per year with annual maintenance and operating costs of $6,000. Using an interest rate of 15%, what will the hourly cost be to run this machine?
Explain effects of monetary policies on economy's production and employment. Cite your references appropriately. If you used an electronic source, include URL. If you used a printed source please attach a copy of data to your paper.
Assume which the United States presently both produces kumquats and imports them.
Compute the equilibrium level of income for the open economy aggregate expenditure model.
The introduction of a stylish line of Toyotas makes some consumers prefer foreign cars over domestic cars. d. The central bank doubles the money supply. e. New regulations restricting the use of credit cards increase the demand for money.
What government policies are available to reduce domestic demand in the medium run. Identify which components of domestic demand each of these policies affect.
Suppose ABC were to use the caps as a promotion. How many caps could ABC give away free? At what price would no caps be sold? Calculate the price elasticity of demand at a price of $6?
Explain how it is possible for one of two people in a two-good economy to have an absolute advantage in producing both goods, but trade can still benefit both people.
Purpose of the business in terms of the product or service you intend to provide through your business
Suppose a second firm enters the market. let Q1 be the output of the first firm and Q2 be the output of the second. What is the profits of each firm as functions of Q1 and Q2.
What is the difference between an economic profit and an accounting profit, give an example? 3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves which is more likely in businesses?
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