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Based on the explanation given on “demand hypothesis”, can you cite a practical application using “physician care” as the commodity.
Rolston Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $26,300, and the company expects to sell 1,480 per year. The company currently sells 1,980 units of its existing model per year..
In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that..
Are there creative works that can be shared or otherwise used by anyone without permission and without the payment of royalties? What is “the public domain”? Why is this significant to musicians, conductors, publishers, and others?
Provide a "real world" example of moral philosophy. What is the difference between idealism and realism? Support your definitions with practical examples. How does moral philosophy tie into ethical decision making? Support your ideas with research an..
Trading partners should specialize production in accordance with comparative advantage, then trade and diversify in consumption because
Supose new, high- yield grains are introduced to Norway and the number of labor hours needed to grow a ton of grain there is cut 5 hours to 2.5 hours. What will happen to trade between Norway and Spain? If the number of labor hours needed to growna t..
Suppose that the equilibrium nominal exchange rate is 130 Japanese yen to the U.S. dollar. If the Federal Reserve wishes to maintain an exchange rate of 140 Japanese yen to the U.S. dollar, it must meet the private excess ________ dollars in the fore..
Consider now an economy where you need to search for a job. Let b be the fraction of people that do not have a job and are searching for one. Write the equations describing the dynamics of those employed (E) and those who are not employed (NE). Compu..
Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy is 1,500,000 people and 1,300,000 people are currently working. Calculate the unemployment rate Calculate the employment rate ..
Suppose supply of organic pinto beans in Ontario is given by QS = -8 + 0.5*P where P is the market price and QS is the quantity supplied. The demand for organic pinto beans is given by QD = 10 – 0.25*P, where QD is the quantity demanded. Assuming a c..
Suppose people who are thinking about buying an existing home (demanders in the housing market) are current home owners who are thinking about selling their homes (i.e. suppliers in the housing market) suddenly believe that existing home prices are l..
A firm has a production function given by q=2 sqrt(KL) In the short run, the firm’s amount of capital equipment is fixed at K=100. The rental rate for K is v=$1, and the wage rate for L is w=$4. Find the firm’s short-run total cost function (STC). Ca..
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