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Explain the concepts of income effect andsubstitution effect? When would the individual labour supply curve bendbackwards (explain using diagram)? What would be the shape of thelabour supply curve if the income effect was always equal to thesubstitution effect (Explain using diagram)
Francisco and Priya have developed an innovative new product and applied for a patent for it. They estimate that there is an 80% chance that their patent will be approved by the US Patent Office. Use a decision tree to determine what Francisco and Pr..
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show shortage and surplus and why they exist, add ceiling and floor, use examples and describe.
In looking at GDP we see that not all aspects are counted. Do you find that the items like buying a home or a used car should be counted in GDP?
Which of the following ideologies emphasizes liberty on economic issues and traditional values on social issues?
What was Spindletop? Who were Pattillo Higgins and Capt. Anthony Lucas? How did Spindletop affect John D. Rockefeller’s Standard Oil Company in the area of production, price, and competition?
Walmart is laying off cashiers, and increasingly adopting the policy where customers must use self checkout or pay a fee. Jason Clarke is the manager of a Walmart. There are 20 cashiers and 8 self-checkout stations in this store to serve 1000 custome..
Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
Determine the minimum sample size to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.2 years.
A tsunami in Japan disrupts the production of Japanese-made cars. What is the impact on the market for new cars.
Two countries, Canada and Japan, produce two goods, Phones (P ) and Phone Apps (A), using two factors, Skilled labor (S) and Unskilled labor (U). Phones are Skilled-labor intensive and Apps are Unskilled-labor intensive. Show how the PPF changes in e..
Why do prices in monopolistic competitive markets remain above the prices that would exist in perfectly competitive markets even in the long run after entry has eliminated above normal profits?
Start-Up Industries is a new firm that has raised $320 million by selling shares of stock. Management plans to earn a 20% rate of return on equity, which is more than the 12% rate of return available on comparable-risk investments. What will be Start..
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