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a)Explain how the marginal principle and the pollution tax work together to determine the optimal amount of pollution abatement.
b)Economists say that labor demand is a derived demand. Explain the concept of derived demand.
Illustrate what is the practice by a monopolist of charging each buyer the highest price.
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss
Explain how do you go about drawing an indifference for such a utility function.
Elucidate what are the best goals for the Fed. Should it lean toward restraint or toward expansion.
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.
A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs.
Determine the four phases of the business cycle? How long do business cycles last and how do seasonal variations and long-run trends complicate measurement of businrss cycle?
Use the production and price information in the table to calculatereal GDP for 2009, 2010, and 2011 using 2010 as thebase year.What is the growth rate of real GDP from 2009 to2010 and from 2010 to 2011?
A monopoly is manufacturing a level of output at which price is $80, marginal revenue is $40, average total expenses is $100, marginal cost is $40and average fixed cost is $10.
Identify at least four policies from the textbook that the government has created to impact economic growth and productivity.
What is gross about gross domestic product? Could an economy enjoy a constant or growing GDP while not replacing wornout capital?
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