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General Electric discovered that the marginal product of magnesium a variable factor in manufacturing of light bulbs will lead to the eventual decline in output as the use of the magnesium is increased. This illustrates what economic theory?
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
Describe events that might lead to a disequilibrium in the market for gasoline.
An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles.
Your company is considering a price reduction on a product which currently sells for the price of $5.00.The price elasticity for the product is roughly equal to -2.3 over the range being considered for the price change.
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good. If the demand for chee..
Utilizing a separate supply and demand diagram for each part, illustrate the effect of the price of the yen in terms of dollars of each of the following.
How would you account for the great divergence that is acceleration of economic development in the West in 19th century while much of the rest of world remained characterized through low rates of economic growth?
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of d..
Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of $25, 000 if the boat is a total loss. If the boat is not a total loss but the damage is more than $10,000, the policy pa..
Describe and graph (using AD/AS framework) an example in today's news of fine tuning economy. Assume the MPC in an economy is 0.8, the APC is 0.8 and disposable income is $9 billion. If disposable income increases to $14 billion, what is the new le..
Explain the government uses policies like student loans and free trade to influence the economy's growth rate.
Explain an organization's staffing practices and selection tools in response to two of following trends:
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