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International trade is a complex area of study. Effects of policies, currencies, tariffs, trading arrangement, and other variables not only impact a country but a region and the global economy. Examine the monetary aspects of international trade. Explain two monetary effects for balance of payment, foreign exchange, and exchange rate determination.
suppose your firm produces olive oil in a perfect competitive market and is currently earning zero economic profits.
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
Consumer Sovereignty & Dollar Votes guide the market system in dealing with which fundamental question a) What will be produced b) How is the output to be produced c) How can the system accomodate change d) Why is to recieve the output
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
Economists often argue that wage rates reflect productivity. Yet, the wages of house painters have increased nearly as rapidly as the national average, even though these workers use approximately the same production methods as they did 50 years ago.
your economy is in full employment equilibrium. suddenly an improvement in technology moves the lras to the right. what
calculate the monopolists profit under the following conditions. the intersection of the marginal revenue and marginal
cameron and drew are neighbors and are both skilled in carpentry. if cameron spends a full day on painting he can
Draw the AC function on the same graph. What is the firm's long-run supply curve? That is for every price p, how much will the firm produce in the long-run? Which curves are relevant now?
Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units.
Graph the firm’s long-run average cost and show that it reaches a minimum where q =1. Determine the long-run equilibrium price (p*) and the firm’s long-run equilibrium output (q*).
if the product price is 4 per unit and the price of the factor of production is 80 per unit the profit-maximizing
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