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Angus works as a dairy farmer and loves his work. Because the dairy business hasn\'t been doing well lately, Angus is considering changing careers. He could work as a technician at the local dairy plant, and earn $27,000 a year. Angus decides to make a list of the costs of staying in business as a famer and asks you for help. Please sort Angus\' costs below according to whether they are explicit costs or implicit costs.
Discuss what would happen to the health production function if there was a total ban on cigarettes in the U.S. What would happen to the total product with respect to medical care, as well as the marginal product? Explain the assumptions underlying th..
Individuals filing federal income tax returns prior to March 31 received an average refund of $1056. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period.
What are the major economic justifications for state intervention used by mercantilists? What are the major types of problems with state intervention as they pertain to international political economy?
Elucidate the likely impact of this event on the market for gasoline and the market for small cars.
In 1-2 pages, explain the law of diminishing marginal utility and give an example of an opportunity cost you pay personally and another example of an opportunity cost you believe the economy pays because of large military expenditures.
If the real interest rate is 7% and in?ation is 3%, what is the present value of a three year coupon bond that has a face value of $1,000 and a coupon rate of 5%?
Suppose that the Federal Reserve injects 3 billion dollars by purchasing bonds from a bond dealer. show the new balance sheet of the commercial bank. Find the new money supply in the economy in two ways; Using the balance sheet of the commercial bank..
Completely describe how the Federal Reserve System can increase the level of output in the national economy by using Open Market Operations?
Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
You are the manager of a business in a competitive market and your production technology is described by the total cost function. Determine the optimal quantity to produce and compute the profit of your business. Determine the optimal quantity to pro..
Which of the following shifts the short-run aggregate supply to the right?
If the government decides that aggregate demand is excessive and is causing inflation, what options are open to it? What if the government decides that aggregate demand is too weak instead?
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