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Explain how the market economic system works to answer the fundamental economic questions. Explain how this may differ from a command economic system. Historically, which has worked best and why?
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
question 1sales of shampoo by cleanhair inc. have recently decreased from 1300 to 1100 units in response to a price
What is the most common way modern labor unions use to raise wages? This will result in the fewest jobs lost if labor demand is elastic or inelastic?
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. The plant has a capacity output of 200,000 calculators per year, and the plant's manager regards 75 percent o..
Below is the entire assignment. I have most of the answers but I do not know how to respond to the final question in the first part "What does your anticipated adjustment process imply about the CR for the industry
For every penny that the price of gasoline goes up, the U.S Postal (USPS) service experiences a monthly fuel cost increase of $8 million. State what assumptions you need to make to answer this question
Economists often argue that wage rates reflect productivity. Yet, the wages of house painters have increased nearly as rapidly as the national average, even though these workers use approximately the same production methods as they did 50 years ago.
Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market
A political commentator argues: "Congress and the President are more likely to enact an expansionary fiscal policy than a contractionary fiscal policy because expansionary policies are popular and contractionary policies are unpopular". Explain..
Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
Cypress River Landscape Supply is a large wholesale supplier of landscaping materials in Georgia. Cypress River's sales vary seasonally; sales tend to be higher in the spring months than in other months.
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
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