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1. What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point?
2. Discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.
3. It is said the nation's legal system is a public good. Does the legal system have the key characteristics of a public good? Explain.
4. A product has a negative income elasticity. What does that measure tell us about the product?
5. Define the Law of Diminishing Marginal Utility. What is the significance of this law?
6. Which three costs are primarily used in economic decision making?
Why is perfect competition usually a preferable market structure compared to monopoly? Discuss the conditions under which a monopoly would be the preferable market structure for productive efficiency.
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $2,654 per year, paid at the beginning of each year, in which case maintenance is provide. Alternatively, she can buy a use..
How much of each good does each consumer demand in equilibrium?
Explain the difference between a normal good and an inferior good. Would your answers to question 7 change depending on whether this good is a normal or inferior good? Why?
thenbspfederal reserve controls the three tools of monetary policy-open market operations the discount rate and the
What is the South African government providing?
Consider a Riparian model.
If the market-clearing price is 6, obtain the profit maximising level of output.
for each year calculate the percentage change in the exchange rate and in net exports. are net exports generally rising
"Starting a sole proprietorship or partnership type of business is better because the profits from the business will be enjoyed by only a single owner or a few partners." Do you agree or disagree with this statement? Why?
Give a brief summary and description of the example.
The firm faces a constant marginal revenue curve given by:MR = 200 and how should the firm allocate production?-How much should Factory #1 produce and how much should factory #2 produce?
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