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1. 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:
1. Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
2."Invisible hand": What is it and how does it affect the decision-making process in our economic system?
3. 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.
4.The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
5. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
Two variable inputs, labor (L) and materials (M), are utilized to produce output. Company's current level of output: CL = $10 / unit, MPL = 25 CM = $2 / unit, MPM = 4 (!) Decide whether the firm is operating efficiently, given that its objective is t..
Explain the concept of a concentration ratio and is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry? Explain your answer
If college education generates a positive externality, show graphically the social loss associated with the private market outcome of college education. Are there any interventions that would be useful to address the externality
Total revenue is calculated as the quantity of a good or service sold multiplied by its market price. Thus, it is a measure of how much money a company makes from selling its product. The core objective of a firm is maximizing profit. One of the ways..
Discuss how organizational architecture and corporate culture are related. Use an example of a real-life firm and discuss how its corporate culture blends with its organizational architecture.
question 1lasting toys is experiencing quality problems on its assembly line. every defective toy that leaves the
The cost for operating a commercial truck is kn, where k is a constant of proportionally, v is velocity in miles per hours and n is the trip length in miles. It is estimated that at 85 mph, the average cost of operation is $52 per mile.
In the Heckscher-Ohlin model, after opening up to trade, presume a country exports a capital intensive good. What happened to the capital intensity of production in the capital intensive good? What happened to the capital intensity of production in t..
compare and contrast inflation and deflation. what are some of the damaging effects that each has on an economy? what
why Banks are exposed to interest rate risk primarily. what does the Federal funds market involves.
yumi is a lawyer specialized in mampa. when she takes a case she receives 1000 as a basic payment. if she manages to
1. negotiations and binding contracts are not possible between rivals ina noncooperative gamesb cooperative gamesc
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