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Circular Flow Diagram. Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market. Supply and Demand. Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
explain why zoning laws which allow certain land uses only in specific locations might be justified in dealing with a
assume that country a has a population of 500000 and only produces one good-cars. country a produces 100000 cars per
Explain how country A with comparative advantage in boot making and country B with comparative advantage in wine making can gain from trade with each other. Include in your explanation from where the gains are coming.
verizon wireless atampt t-mobiles and sprint together provide over 90 cellphone services in the us wireless voice amp
If leisure is a normal good, the Laffer Curve can have an inverted U-shape only if leisure and consumption are (at least at some point) sufficiently substitutable such that the substitution effect (on leisure) outweighs the wealth effect (on leisu..
Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.
What fact might lead the manager to be concerned? If true, what do you think is likely to happen to the price of products G.R. Dry Foods sells?
For each of the following supply curves, calculate the level of output Q at which the elasticity of supply = 1, and indicate whether supply is elastic or inelastic at levels of Q less than this point and at level of Q greater than this point.
Draw a graph that shows increasing Average total cost from ATC to ATC prime. include Marginal cost change, marginal revenue and the supply and demand curve that reflects this change.
Minimum wage laws are controversial for many reasons. One is that they may not be beneficial to the workers that they are most intended to help.
Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U= NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the fa..
Why is time such an important determinant in the elasticity of supply and Is time also important in determining price elasticity of demand? Explain
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