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Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the economy works. Your son has asked you to explain the following concepts and ideas:
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade. "Invisible hand": What is it and how does it affect the decision-making process in our economic system? Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets. The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
Suppose the following table describes the marginal costs and marginal benefits of waste (garbage) reduction. What is the optimal amount of garbage What is the situation if no garbage is allowed to be produced Percentage of Waste Eliminated/Marginal..
What would be the net marginal revenue of the marketing division of the firm for the pocket calculators? At what price should the calculators be sold on the external market?
A machine with a ten year life is to be depreciated by the MACRS method. The machine has a 1st cost of $30,000 with a $5,000 salvage value. It's yearly operating cost is $7,000 per year.
Suppose that any money lent by a bank is always deposited in a checkable deposit and that the reserve ratio is 10%. The Fed purchases $100 million in Treasury bills.
Describe why population growth has such a negative impact on economic growth in Malthusian and Neoclassical growth models.
Elucidate one or more of the criteria which you believe should be improved at your place of employment.
Elucidate why do you think U.S. investors do not try to capitalize on the high interest rates in Mexico.
Determine the profit maximizing level of output and price. Is this long run equilibrium? According to the theory of monopolistic competition, do you expect entry or exit taking place in this industry?
Assume that a company maximizes its total profits and has a marginal cost. Find the price at which the firm sells the product.
Discuss and explain whether demand, equilibrium price, and quantity increases or decreases for gas and red meat, respectively, in the following two scenarios.
Determine the conditions of perfect competition. Name each and describe with an example how the real markets can violate one of more of these conditions.
The question is what is the maximum probability of last thing happening (-$10 million) that will induce the person to vote for action.
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