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Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements.
Part A (a one page response is required)
Describe three (3) ways we can use macroeconomic analysis, with one (1) original example for each way.
You are running a small yard maintenance business for the summer. What do you expect to happen to the number of yards you can maintain in a day as you add workers if you don't purchase more capital equipment (like mowers and leaf blowers)? Provide at least two (2) supporting facts to support your response.
Part B (a one page response is required)
Using the real business cycle theory, explain two (2) effects of an adverse technological shock on the labor market and on the output market.
Suppose you were interested in increasing technological progress in your country. Suggest two (2) ways to do this
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The Canadian economy is in long-run equilibrium. Assume the following events occur one at a time. Show the effect of each event on Aggregate Demand and Short-run Aggregate Supply in Canada by shifting only one curve.
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Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input? What will happen to the labour demand if price of the output goes up?
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share
You are the manager of a firm that manufacturers front and rear windshields for the automobile industry. Due to economies of scale in the industry
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
What is Nash Equilibrium output for his supposing that the two firms choose their production quantities simultaneously?
For each of the following pairs of goods, would you expect the cross-elasticity of demand to be positive or negative? Large (in absolute value) or small? Defend your answers:
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
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