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1. Explain the difference between a shift in the supply curve and a movement along the supply curve.
2. Explain why for many goods, the long-run price elas- ticity of supply is larger than the short-run elasticity.
Suppose that you value a hat from your favorite university at $20. The university bookstore has the hat on sale for $15. You purchase the hat but lose it on the way home. What should you do? Assume that losing the hat does not alter how you value it.
what are the different types of unemployment? how do they affect the economy? what is inflation? what is deflation?
assume that country a has a population of 500000 and only produces 1 good cars. country a produces 100000 cars per
The marginal cost curve above the minimum average variable cost
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
a local hardware store is trying to decide whether to stay open. they have found that their industry is extremely
How does the picture of investment described in your textbook compare to that illustrated by the authors of this group of readings 2. Is there anything that can be done to make our credit system a source of growth and stability
Describe the characteristics of oligopoly and monopolistic competition. Give an example of product market of oligopoly and monopolistic competition.
Production and Cost focuses on a perfectly competitive industry. Each competitive firm in this industry has a Cobb-Douglas production function: q=0.02K0.5L0.5. These firms combine capital and labor to produce output. In task 3-2 you will use graph..
Within the framework of production possibilities curve, discuss the pros and cons of alternative choice mechanisms with respect to the determination of price and output levels in an economy
Which is a key feature of the market system?
1. determine the most important five 5 skills that a forensic accountant needs to possess and evaluate the need for
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