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Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut. If the price of a hamburger increases to $2.00, what will the consumer do to arrive at a new equilibrium? Why?
Consider Adam Smith's canons of taxation. Identify on of his ideas and post your thought on its applicability to the current income tax system in the United States. please post the canon of your choice, your premise, and a narrative in support of you..
What ways do correction professionals use the social justice principles of equality, solidarity, and human rights to build a more just society?
If real GDP increases by 5 percent next year and the price level goes up by 4 percent, by how much will nominal GDP increase?
Firm incurs two types of costs of production: fixed costs and variable costs. Can you name an industry where the fixed costs are relatively high compared to the variable costs? Can you name another where the variable costs are relatively high compare..
You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one drive..
If a bank has deposits of $10,000 and reserves of $5,000 and if the reserve requirement is 20%, it can make loans of $5,000. A decrease in the demand for money would result from: If long-term interest rates are 8% and short-term rates are 3%, the mar..
The lower the interest rate, the lower the:
Read the instructions in the University of Phoenix Material: Differentiating Between Market Structures located on the student website and select one option to complete the assignment.
Explain how the United States calculates unemployment and why many economist do not find this as a real economic indicator. How is unemployment calculated in other countries? Give two examples. What are your thoughts and ideas on this?
Write down a utility function that represents Britney's preferences over dresses also hats.
Potato farming (like farming of most agricultural products) is highly competitive. Price is determined by demand and supply. Based on U.S. Department of Agriculture statistics, U.S. demand for potatoes is estimated to be QD = 184 - 20P, where P is th..
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported semiconductors: A senator from a state with several semiconductor factories argues that the government should impose a tariff on semiconductors beca..
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