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In the summer of 1997, Congress and the president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997, contained substantial tax cuts and expenditure reductions. The tax reductions were scheduled to take effect immediately, however, while the expenditure cuts would come mostly in 1999 to 2002. Thus in 1998, the package was seen by economists to be mildly expansionary. This solution answers these economic riddles 'what will happen to the interest rate if the objective is an increase in the growth of real output/income?', What would you expect to happen to interest rates if the Fed holds the money supply (or the rate of growth of the money supply) constant? and What would the Fed do if wanted to raise interest rates? What if it wanted to lower interest rates?'
Give at least two examples of a perfectly competitive market and explain what characteristics led you to that decision. Second, give at least two examples of a monopoly market and explain what characteristics led you to that decision.
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
The output effect of an increase in the wage comes about because higher wages:
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
Assume that both magazines are owned by the same publishing company that maximizes the combined profits of the magazines. Will the company make the same choice as in the noncooperative game (i.e., owned by different publishing companies)?
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
What is the profit-maximizing level of output of master cream (in bottles)? What is the profit-maximizing price? What is the maximum level of profit?
Why there is so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency?
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Discuss how the interplay between economies of density and the properties of hub-and-spoke networks give rise to economies of scope.
Given the Production Function: Q = 21X + 9X2 - X3, where Q = Output, and X = Input . At what value of X does Stage II of the production function begin?
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