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Consider economic theory:
a. Briefly explain how a map is a model.
b. Given an example of how a particular model can be appropriate in one context and inappropriate in another.
c. Identify the two attributes of a "good" economic model, and briefly explain the fundamental tradeoff between them.
You and your roommate are in a tough position. Both of you value a clean apartment at 100, and a dirty apartment at 30. The total cost of cleaning the apartment is 80. Layout this situation as a simultaneous move game. What is the equilibrium?
The concept of opportunity cost is an important one in economics. It is essential to understand the distinction between explicit and implicit costs. For this assignment, consider an event at work that you company is considering doing, such as a new p..
In the neoclassical growth theory, differences in per capita income are determined by differences in the
What's the point of creating new bills with more security measures to prevent counterfeiting? (For example in the USA the new $100 bills have more security features). If the old bills are still acceptable as currency, why would anyone even try to cou..
A person borrowed $30, 000 and planned to pay it back in 15 equal semi annual installments. On the day that he made the 5^th installment, he decided to pay the balance in 8 equal quarterly payments with the first payment due three.months from the day..
Depreciation of the Canadian dollar will tend to:
Suppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively;
Suppose that the Fed permanently increases the growth rate of the money supply. According to the Friedman effect as discussed in class, what will happen to both nominal and real interest rates in the short-run? In the long-run? Explain why.
change if buyers pay $8 every unit to the intermediary but sellers offer to rebate part of that expense to buyers.
Fox company has defined a new manufacturing process and is considering options for purchasing material handling equipment from two companies: company X has given a quote od $100,000 for equipment that will last 5 years and will have a $25,000 salvage..
Suppose that the only way to reduce pollution from paper production is to reduce output. The government imposes a tax equal to the marginal harm from the pollution on the monopoly producer. Show that the tax may or may not raise welfare?
The Convergence of Healthcare Financing and Economic Trends and Forces Note: Use the textbook, course readings, Strayer online library, and other reputable online sources to complete this assignment. Prepare a fifteen to twenty (15 to 20) slide Mi..
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