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a. Why does the ATC curve always lie above the AVC curve? Why do the two curves move closer together, but never seem to meet each other?
b. What does the law of diminishing returns have to do with the shape of the AVC and ATC curves? Explain why those curves are U-shaped.
What is the difference between relative factor endowments and relative factor intensities? What does the Hecksher-Ohlin theorem say about home versus foreign countries while they remain in autarky? What happened to the Leontief paradox when human ca..
How has the educational system affected the quality of our labor force? Explain the Malthusian theory of population. Is it relevant today anywhere in the world? Explain where and why. How does the American savings rate compare to that of other leadin..
Consider the following sequential game between firm 1 and firm 2. First, firm 1 decides to adopt either technology A or technology B. Firm 2 observes firm 1's decision and then also decides between technology A or technology B. Using the principle `l..
The 2001 recession ended in November 2001, but the perception of "bad economic times" lingered into 2002 and 2003. What evidence do these graphs provide concerning the lingering perception of a recession.
Which of the following phenomena can a nation expect when it opens (more widely) to international trade?
Robert was running low on cash and could not buy his Marketing textbook by the first day of class if the bookstore did not accept his credit card. Luckily, the bookstore accepted his VISA card, so the bookstore created __________ utility for Robert.
Elucidate how free market features could be introduced to help improve the problem. As your answer also include a discussion of the risks of introducing market mechanisms.
American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million work..
When the price of an input increases, the substitution effect predicts that, all else remaining constant,...
How many Argentine pesos would it cost given the new exchange rate you just calculated.
A food supplement store sold a vitamin for $2.00 a bottle and in one month sold 2,000 bottles. After a price increase, the vitamin sold for $2.20 a bottle and the store sold 1,900 bottles the next month. What is the elasticity of demand
Which of the following is not an example of a "lag" that diminishes the potential impact of fiscal policy?
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