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Consider the economies of Hermes and Gribinez,both of which produced gaggles of gop using only tools and workers.Suppose that,over the course of 50 years,the level of physical capital per worker rises by one tool per worker in each economy,but the size of the labor force remains the same.
Using macroeconomic data from the Bureau of Labor Statistics (or similar sources), identify the current state of the economy and the role of fiscal and monetary policy stimuli to manage the country's economy
markets often can and do fail to deliver efficiency, equity or both. The most common claims of such apologists about the failure of markets to deliver efficiency or equity are (1) monopoly power, (2) externalities, (3) information asymmetry, and (..
Summarize an article using at least three economic terms and theories covered in class. Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s).
Now suppose that both a second secretary and a second computer are hired. As a result of specialization, the two secretaries together can now type 5 papers per day. Does this firm have increasing or decreasing returns to scale in the current range
Describe by what percentage would a 10% rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
A firm can seek any combination of quality and price it chooses. Thus, it can go with a low quality-low price strategy or use one which combines high quality with a high price. Ideally, of course a high quality and a LOW price will be the most pow..
What are the advantages and disadvantages of breaking up these sport cartels? Explain.
Characterize each of the following statements as true or false, and explain your answer.
A rural utility company provides standby power to pumping stations using diesel-powered generators. an alternative has arisen whereby the utility could use a combination of wind and solar power generators, but it will be a few years before the ene..
Assume first that Apple were to sell only 4GB iPods after all,they cost the same and some consumers prefer more than less. What is the optimal price for a 4GB iPod.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
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