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Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
A restaurant industry has a market structure that comes closest to
Calculate marginal cost and marginal revenue for each level of output when market price and what is the firm's profit-maximizing level of output
Most people are concerned that wages determined in the labor market are unfair and most people typically earn the bulk of their income from wages and salaries.
Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run.
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
Equipment initial cost $ 500,000 Equipment salvage value $ 25,000 Annual gross income $ 300,000 year 1 Income gradient years 2 - 5 $ 25,000 Annual gross income $ 400,000 years 6 - 20 Annual operating expenses $ 160,000 first 10 years
1. Describe Senator Reid's delivery style 2. What type of presentation is Senator Reid giving Is this the most effective style of presentation for this situation Why or why not
(a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller Why (b) How does a two-part tariff differ from bundling
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
1.-What are the short- and long-term economic benefits and cost associated with our current high federal government budget deficits 2.-Do you think the economic benefits outweigh the economic cost, why or why not
Why are common borders and cultural similarities often an additional factor to determine who trades most with whom and why? Use your knowledge of the gravity model to justify your answer through two suitable examples.
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