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What is the effect of years of schooling on economic development? Once we control for the quality of education, what happens to the effect of years of schooling on economic development?
Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.
The process of being served at a bank consists of two parts—the time waiting in line and the time it takes to be served by the teller. What is the standard deviation of the total time (X+Y) it takes to be served at the bank?
Explain the meaning of monetary neutrality and illustrate graphically that there is monetary neutrality in the long run in the aggregate demand–aggregate supply model.
Quasimodo has a demand function for earplugs that is given by the equation D(p) = 100 − p. (a) If the price of earplugs is $50, how many earplugs will he consume? (b) If the price of earplugs is $70, how many earplugs will he consume? (c) What is the..
The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 -0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed i..
All of the following could immediately or eventually lead to an outward shift of a nation's production possibilities curve, EXCEPT:
It is often claimed that an added benefit of pollution abatement projects sponsored by the government is the increase in employment generated by these projects. Evaluate this by answering the following. Where do governments obtain the funds to undert..
What is meant by the "social construction of categories"? In what ways are concepts such as gender, race, sexual orientation, social class, and exceptionality social categories?
Assume the market for sugar. When a drought reduces the sugar crop and at the same sugar substitutes become more popular, then: A. price must increase, but the change in quantity is indeterminate. b. price must decrease, but the change in quantity is..
Consider an industry in which two types of managers run firms, Genius and Ordinary. There is a fixed supply of 100 genius managers, whereas there is unlimited supply of ordinary managers. Both types of managers are willing to work for a salary of $14..
q.two dry cleaners are located on a street of length 1 addresses are numbered from 0 to 1. the marginal costs of dry
It is impossible for a price change to cause no substitution, income, or toal effects. If you believe the statement is false, sketch a graph demonstrating how a price change could cause no substitution, income, or total effects. A large pharmaceutica..
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