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1. Describe a command economy and a laissez-faire economy. Do any economic systems in the world reflect the purest forms of command or laissez-faire economies? Explain.
2. The nation of Rougarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels.
Plot this data on a production possibilities graph and explain why the data shows that Rougarou experiences increasing opportunity costs.
Nan King Furniture owns and operates an industrial lift truck in their warehousing operation. The record indicates that the lift truck was purchased four years ago at $12,000. The estimate salvage value is $3,000 after four years of operation.
Explain the Oil Pollution Act of 1990, including why it was enacted, its general provisions, and OPA 90's effectiveness in terms of containing a major spill
Given the CES utility function: U(X,Y)=((X^d)/d)+((Y^d)/d)) a. Show that the first-order conditions for a constrained utility maximum with this function require individuals to choose goods in the proportion: X/Y=(Px/Py)^1/(d-1)
How would the shift to a fully funded system affect the level and the rate of growth of output per worker in the long run?
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg
Find the yield to maturity of the following securities: A. a security paying $ 1000 in one year, for which you pay $926 today B. a security paying $ 80 0ne year from now and $ 1080 two years from now, for which you pay $1,050 today
Compare and contrast the classical labor cost theory of comparative advantage with the neoclassical factor endowment theory of international trade. Be sure to include an analysis of both assumptions and conclusions.
Explain what would happen to the firm's initial cost curves if the plan instead requires this firm to provide a $100,000 group program that covers all of its employees, regardless of the number of employees
Consider a village money lender who lends to borrowers on a repeated basis and the interest rate that she charges is fixed at 10%. The loans are informal and are not backed up by written contracts. The lender has no way to recover a loan if the bo..
The right end of a 6-m-long wire, which is stretched until the wave speed is 60 m/s, is continually moved with the displacement 0.5 cos 4πt. What is the maximum amplitude of the resulting displacement?
Repeat (a) for T = 400 K assuming for simplicity that mobility does not change with temperature. (This is not a good assumption.)
What's the marginal rate of substitution (MRS) at bundle (1,4)? What is the MRS at bundle (4, 1)? Give an example of a bundle where the MRS is -1.
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