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A mid-level manager with 10 years experience at an insurance company located in San Francisco generally earns more than a high school teacher with the same experience in Evansville, Indiana. Give at least three explanations of why economic reasoning would argue that this is to be expected.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
An essay on Market imperfection associated with negative externalities.
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
Suppose that American households change their tastes such that they want to save more at every level of income.
Is the economy of a big city more competitive than that in a small town or given neighborhood? How? Do you think your local grocer has monopoly power?
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
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