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Explain the difference between a real wage and a nominal wage.
Why is the demand curve for labor downward sloping?
How do the income and the substitution effects determine the slope of the labor supply curve?
When the labor market is in equilibrium, are all workers employed?
where X is his consumption of CDs with a price of $1 and Y is his consumption of movie videos, with a rental price of $2.He plans to spend $41 on both forms of entertainment. Determine the number of CDs and video rentals that will maximize Maurice"s ..
You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
What would be the effect if the rate is lowered to 4%, or raised to 9%? Why would the federal reserve change these rates?
Should poorer 1rd World nations refuse "models based on economic laws" of universal validity and there are no universal laws. Describe if you agree.
Also suppose that the actual professional staff hours charged to clients' accounts and the actual overhead costs turn out to be exactly as estimated in both years. By how much would the overhead be underapplied or overapplied in 2008 and in 2009? (Le..
Innovation lagged in the centrally planned economies because: there was too much domestic business competition. there was too much competition from foreign firms. A positive statement is one which is:
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
Assignment on Supply, Demand & Taxes, Supply, Demand, and Taxes, The market for tennis shoes exhibits the following supply and demand schedules:
Find and expression for the marginal rate of substitution (MRS x,y ) at any point (x, y). Suppose x = 3 and y = 2, what is the MRS x,y ?
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
For each of following cost-output relationships, explain the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions
Describe the opportunity and accounting costs of "Going Green." Use a specific example to illustrate your point. For example, purchasing a Chevy Volt.
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