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Explain the difference between price and the price level. How is the price level measured? What do economists mean by the terms "nominal" and "real?" Are nominal statistics or a real statistics more useful? Provide a real-world example
Draw a graph (hand-drawn is acceptable) that illustrates the demand and supply of a perfectly competitive industry. the producer surplus if the industry is a monopoly that engages in perfect price discrimination. Does a deadweight loss exist if the i..
In a free floating exchange rate system, if the current account is running a deficit, what are the consequences for the nation’s balance of capital accounts and its overall balance of payment?
The invention of the steam engine ushered in the following developments, except:
A grocery store in a small town has a supply curve for oranges that is given by the equation P=1/10Q+1. The store faces a weekly demand curve for oranges given by P=16-2/5Q where price is measured in dollars and quantity is measure in bags of oranges..
A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a
Expansionary monetary policy involves the Federal Reserve injecting money into the economy so the banking system can make more loans and thus increase the money supply even more. The Federal Reserve injected a huge amount of money into the economy in..
Suppose that the production function faced by a baseball footwear producer i given by Q=4K^0.5L^0.5, where MPk=2K^-0.5L^0.5 and MPl=2K^0.5L^-0.5. Do both labor and capital display diminishing marginal products? Does the production function display a ..
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Wong subscribes to the 6M plan and uses 150 hours a month. Suppose that Wong's demand curve is a straight line such that if the price of access were HK$20 per hour or higher, she would buy nothing. Draw her demand curve, and calculate her buyer surpl..
A growing economy means that the economy is producing more also more stuff, either since it has more resources.
According to Coase's theory of the firm, why do firms exist? How do firms contribute to the efficiency of the market economy in ways that 'networks of independent contractors' do not? How are the boundaries of the firm best established?
In your opinion should our government impose price floors and/or price ceilings in our economy.
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