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Define economics. also explain the use of studyingeconomics as a subject.
Q.2. Explaimn the assumption of law of diminishingmarginal utility. also give the exceptions of this law ofdiminishing marginal utility and show the pratical importance ofthis law.
What alternative policy would you propose to make plenty of housing available to low-income families that would not be subject to the problems of rent controls? Illustrate the effects on supply and demand from part 1.
Some possible platforms on which to write are comparative advantage, gains from trade, World Trade Organization and trade restrictions.
Explain how monetary policy can be used to reduce inflation.
Elucidate the six costs associated with inflation and evaluate which if any of the costs are important for the average consumer.
assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $38 billion respectively. If the economy moves from point a to point b over a 14-year period, what must have been its annual ra..
Explain why do economists believe that the CPI overstates the rate of inflation
The attendance at baseball games at a certain stadium is normally distributed, with a mean of 44,000 and a standard deviation of 2500. For any given game:
Compute the ideas of the Classical economists with the ideas of John Maynard Keynes, and explain what kind of revolution the Keynesian revolution was.
Elucidate each of the folling statements using supply and demand diagrams. When a cold snap hits Florida, the price of orange juice rises in super marlets through out the country.
Because government subsidies are paid with tax dollars and tax dollars are often used to purchase any surplus milk, consumers effectively pay more than the retail price per gallon of milk when considering the amount they contribute to dairy farmers t..
Illustrtae what is the final impact of expansionary fiscal policy on the price-level and real output.
You purchase a painting for $80,000 in 1947, and sold it for $53.9 million in 1988. If you invested the $80,000 in another investment type (such as stock), how much annual interest would you need to have earned in order to accumulate the same wealth ..
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