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Assume the demand function for basketballs is given by QD = 150 −3P + 0.1I, where P = price of a basketball, and I = average income of consumers. Also, assume the supply of basketballs is given by QS = 2P. If the market for basketballs is perfectly competitive, and the average income is equal to $1,500, what is the equilibrium price and quantity? What if a 20 percent income tax is introduced?
Suppose the USA and Canada are considering to trade. Assume there are only two goods in the economy: wheat and corn. The table below illustrates what each nation can produce in a given year.
We can see that aid to Africa has increased significantly over the last 40 years and that incomes in Africa have stagnated. Explain why these two facts do not constitute proof that aid is not effective in increasing incomes in Africa.
The natural rate of unemployment is
____ after WWII because Britain wanted to go the path towards more ____.
The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil also Japan have been producing also selling steel on world markets
q1. consider an investment that will pay 680 per month for the next 15 years and will be worth 28000 at the end of that
Consider a small country that is an exporter of good X. Suppose the government imposes a tariff on imports of good X. Using one graph, showing demand and supply of good X in the home country, carefully illustrate the effect of a tariff imposed by the..
basil robekins has an idea for a new type of ice cream cone made from candy bars like butterfinger etc.. he thinks his
Why would unemployment also job rationing the consequences of setting a minimum wage of 2 dollar every hour in this marketplace
The overall population for Region A is 95 million people. The labor force contains 67 million people. 32 million people are employed, while 35 million are unemployed. What is the unemployment rate? Round your answer to the nearest whole number.
Does Major League Baseball impose more, less, or the same amount of monopsony power on rookie players (those in their first few years in the majors) as on veteran players (say. those with 10+ years in the majors)? In explaining your answer, explain t..
Are innovative product and service offerings ethically neutral? Consider Napster and the intellectual property issues associated with swapping music over the Internet as an example to begin the discussion.
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