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The following graph shows supply and demand in the market for smartphones. Use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumers’ surplus, and use the purple point (diamond symbol) to fill the area representing producers’ surplus.
Who should do the job, Lebron or Pat? Explain. Be sure to use some economic concepts in your post.
A higher steady-state capital stock has both a positive and negative effect on consumption per worker in the Solow growth model (assume no population or technological growth). Why?
Country A has the production function: Y=F(K,L)=K^(1/2)L^(1/2) a. What is the per-worker production function y=f(k)? b. Assume that country A experiences no population growth or technological progress and that 10 percent of capital depreciates each y..
List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the right-that is, that would increase demand.
A.B. Denson Company had been employing 6 workers and 8 tons of raw materials, using 2,000 square feet of plant space. The firm increased its work force to 12 workers utilizing 16 tons of raw materials in a plant space increased to 4,000 square feet. ..
Since August, automobile inventories have been rising. Moreover, recent unemployment numbers suggest that European economies will grow more slowly than expected. What direction are auto prices likely to go?
Elucidate how the equilibrium quantity for the representative firm on the same graph.
Economists have devoted a lot of effort to estimating the natural rate of unemployment in particular countries at particular times. Is this a useless academic exercise, or are there good reasons to want to know this number? Explain.
What are the benefits and drawbacks of having a health program that varies by state versus having one that is uniform across the country? Do you find that the positives of state flexibility outweigh the negative or vice versa? Is it fair that similar..
What are the positive and negative aspects of budget deficits and surpluses? What policy is best for today's economy? Explain your answer.
Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Assume that the economy is closed. Calculate consumption, government purchases, national saving, and investment.
Assume for this project that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences.
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