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Foundations of microeconomics and macroeconomics
Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within your local area.
Explain the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.
Critically analyze and evaluate real-life economic problems and opportunities by applying economic concepts, principles, and theory.
Suppose that a less developed country known as LDC encourages direct foreign investment
The entire satisfaction consumer gets from consuming a good or service is________ utility, but the extra or additional satisfaction that a consumer gets from a good or service is ________ utility.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Imagine a person's utility function over two goods, X and Y, where Y represents dollars. Specifically, assume a Cobb-Douglas utility function:
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Express the effects of government economic policies which could have on the sales of the Escalade
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
Suppose the Federal Reserve lowers its target for the federal funds rate six times in seven months while the European Central Bank leaves its target for short term interest rates unchanged.
High Mark Industries sells solar water heaters to households interested in lower energy bills and sustainable energy.
Describe the impact of an increase in government spending on GDP using both Keynesian and classical points of view.
These costs are depends on a budgeted volume of 80000 units developed and sold every year. Lafluer uses cost-plus pricing methods to set its target selling price.
Account for the effect of the two proposed fiscal policy actions in the short run and long run. This includes a description of the consequences of relevant macroeconomic variables.
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