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Explain how the decision of how much time to spend working a homework assignment can be framed as an economic resource allocation problem.
What is meant by the statement that China “is labor-abundant and land scarce.”? What affect does that fact on China’s willingness to trade?
Starting in late 1970s and continuing through the 2000s, business environment moved toward relying less on government regulation and more on marketplace to get desired economic targets.
The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers,
suppose an individuals utility function over consumption of x and y is given byuxy x ? 1013y23where x and y are
What is the Federal Funds Interest rate?
the following three one-year discount loans are available to youloan a 120000 at a 7 percent discount rateloan b 110000
Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build.
Suppose that there are n bidders participating in a First Price Auction. Each bid- der's private valuation is independently drawn from the interval [0, 1] according to the distribution with cdf F(x) = x2 and pdf f(x) = 2x.
Describe the competitive environment within the industry. Is there a dominant firm? Are the other firms follow or actively compete? How do they compete? (For example, by using price, advertising, quality or some other variable.)
Summarize the recent policy of the Federal Reserve concerning the level of interest rates and the reasons for this policy. Do you agree with this policy? Why or why not?
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
Critically evaluate the following: An advertising executive is heard to say: "Unit sales went up last year by 15 percent when we increased advertising expenditures by 5 percent. Clearly, advertising is very effective. Our advertising budget must be f..
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