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Consider the following simple economy the produces only three goods:2000(base Year) / 2009
Product:------Quantity-----Price-----Quantity-----PriceDenim pants- 80 $40 100 $50Wine- 90 11 80 10Textbooks- 15 90 20 100
Real GDP in 2009 equals[_______].
Payroll Tax- You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction.
Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule and a demand curve.
It costs our firm $1,600 to produce 6 widgets/day, $1,900 to produce 7 widgets/day, and $2,300 to produce 8 widgets/day.
What if both are negatively sloped? Provide the intuition behind your answer. Find the analytical and qualitative solution -
You produce a product that will earn $100,000 if there is a recession and $100,000 if there is no recession (i.e. the same regardless). The probability of a recession is 50%. What is the variance?
What methods of secure custody do you use in your prison? How does the prison environment influence the way you ensure security and custody in your prison? How do you ensure professionalism among the corrections staff?
What are some of the issues economists study, and why is economics often called "the science of choice"? What are the foci of inquiry in microeconomics and macroeconomics respectively?
Explain how does the Concept of Comparative Advantage actually "prove the advantages" of free trade to both countries involved in a transaction.
What is the difference between a traditional monopoly and a natural monopoly. Include the following points Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly.
Brad can fix the same kind of meal in 2hours, and his opportunity cost of one hour is $20. Will both Angelina and Brad be better off if Brad fixes meals for her and she pays him $45 per meal? Explain
The figure is drawn for a monopolistically competitive firm. ____ 18. Refer to Figure 9. If the average total cost is $15 at the profit-maximizing quantity, then the firm's maximum profit
Draw the consumer's budget constraint and optimal choice when three is no tax. Calculate the utility the consumer gets.
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