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Consider the Isle of Lucy, a country initially characterized by government regulations that require detailed reporting of the activities of firms to the governement. Suppose, after years of stagnation, a new government is elected, and the new government announces a dramatic reduction in the reports firms have to file on their activities.
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following the reduction in government regulation. Explain your answer briefly. Make sure you label all axes and points of equilibrium.
Suppose that the demand for gasoline is given as P = 3.6-0.002Q where P is the price of gasoline in $ per litre and Q is liters of gasoline per day. If you know that current price of gasoline is $1.3,
1. college education provides higher income for the individual but also a more productive and more educated person who
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
The following data is presented on two mutually exclusive projects under consideration by the XYZ Company: Compute the following values for each project using the time value tables and Microsoft Excel.
Consider the following Ricardian model.
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
Hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a market economy. and analyze at least three (3) possible areas for the industry that could lead to transaction costs, and explain each in detail.
The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
john barks owns barks computer screens inc. and wants to identify the supply and demand for screens in his market. the
If the marginal cost ofplantingand harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
Suppose that national income is initially at its equilibrium level when desired investment falls.we would except fall in national income,but not by as much as the fall in desired investment
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