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GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being?
what is the elasticity of substitution? if the production is Q= L ^1/2 K ^1/2. What is the total cost function ? What is marginal cost? What is average cost?
What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
Select one principle and create an additional example that will help students understand that principle better. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your lif..
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Solve the partial derivative
Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands
At the same time the unemployment rate remained at 8.3%. Use your understanding of the labor market to explain how these two things could happen at the same time.
Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.
Using the production function shown above, compute real GDP for each case and capital is constant but labour is increasing. What property of the production function is displayed? Explain.
Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?
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