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Consider again the 2 countries in the previous question. Suppose the U.S. and Mexico do not trade goods at all, but workers can move freely between them. Will free movement of labor have a similar effect on real wages as free trade of goods? Explain.
q1. the simple is-lm model predicts which cutting the governments budget deficit will reduce output in the short-run.
q1. suppose demand and supply are given by qd 7-12px and qs14p-12determine the equilibrium price and quantitysuppose a
Given that parking and attendance at ballgames are complements (in consumption). Explain why a rise in parking fees may adversely affect game attendance.
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Consider the production function f(x1, x2) = x21 x22 . Does this exhibit constant, increasing, or decreasing returns to scale? Consider the production function f(x1, x2) = 4x121 x132 . Does this exhibit constant, increasing, or decreasing returns to ..
A vendor is offering an extended repair contract on a machine. The firm's experience is that this will cover repair costs over the next four years of $200, $200, $400 and $500. At 6%, what is the extended repair contract worth now?
Suppose the cross-price elasticity of demand between goods X and Y is -1. How much would the price of good Y have to change in order to change the consumption of good X by 30 percent?
Assume that the price elasticity of demand is -2 for a certain firm's product. if the firm raises price so, the firm managers can expect total revenue to: A/ decrease B/ increase C/ remain constant D/ either increase or remain constant depending upon..
q1. suppose as in the federal income tax code for the united states that the representative consumer faces a wage
tax consequences of owning, and determine whether it is better to rent or own. This is an example of the hidden-cost fallacy.
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A will eventually have a higher standard of living than Country B if
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