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While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals can, most households still produce some goods and services for themselves. Which of the following provides a reason for this? 1.The production of some goods and services doesn't require special skills or resources. 2.Households can minimize spillover benefits by producing some goods and services for themselves. 3.Technological advances such as computers, crock pots, and bread makers have increased households' efficiency in producing many goods and services 4.Household production is more costly in terms of taxation.
Price elasticity of demand is just a number. Economists may not necessarily be interested in the size of this number, but whether its absolute value is greater than, less than or equal to one. Comment on this statement. Explain whether commodities th..
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
Consider the Solow model with total factor productivity At constantly growing at rate g>0. Determine the a) instantaneous impact on GDP per capita, instantaneous impact on consumption per capita, long-run impact on GDP per capita (i.e. compare the le..
Financial crises happen in various parts of the world. There have been many to which you can reference. Discuss the impact of financial crisis in Europe during the 2010 timeframe. What happened to bring about this crisis? What lessons can be learned ..
When the Ehrenberg Company closed, the Smith Company (which provides no training for its employees) offered to hire any of Ehrenberg’s former employees after they completed a lengthy retraining program at a local vocational institution. From what you..
Assume he takes welfare and does not work. Illustrate what is his reservation wage. He will not lose his welfare if he works.4. Suppose he is working and receives no welfare.
Assume that the nation of spain is ''small'' and unable to influence the brazilian world price of steel.Spain's supply and demand schedules are illustrated in table 6.11 .Assuma that Brazil's price is $400 per tons of steel.Using graph paper,plot the..
How does an increase in interest rates affect aggregate demand? Briefly discuss how the increase affects each component of aggregate demand?
Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the conditions below. What are your predictions? For each part, sketch a ..
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8760 hours per year.
Examine the effects of supply and demand of milk. How do markets operate to bring this product into existence? Think about how these different markets work together to create a new product. How does that relationship affect supply and demand for the ..
A group opposed to free trade concludes that the total number of domestic jobs will decrease because it estimates that 20,000 jobs will migrate abroad. The actual total loss is:
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