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Why is economics considered a social science? What role does economics play in your personal and professional lives?
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?
Assuming that the marginal product of labor is constant between 10 also 11 workers also the marginal product of capital is constant between 3 also 4 machines.
All farmers in Trivialand are self - employed and sell all of their wares to Super Duper. Elucidate the costs incurred by all of Trivialand's busines.
Assume that the firms act independently as in the Cournot model i.e., each firm assumes that the other firm's output will not change.
Omar's marginal utility for cups of coffee is constant at 1.5 utils every cup no matter elucidate how many cups he drinks.
explain how many car companies will buy a new car assembly machine. Interest payments are made once a year.
Contrast two or three key economic factors for this country with the U.S. economy, and comment.
Explain how industrial regulation affects the market and the entities affected by industrial regulation in terms of market structure.
Calculate deadweight loss if U.S. imposes a tariff of 25 cents per bottle of imported wine.
depreciation is 5 percent of capital in both countries and country A saves 10 percent of output whereas country B saves 20 percent. If A starts out with a capital-labour ratio of 4 and B starts out with a capital-labour ratio of 2, in long run:
Miller and Coors who together produce 85% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
Does either player have a dominant approach Does either have a dominated approach. Explain.
Assume that the central bank takes the drastic strategy in part 1, but that the private sector has rational expectations.
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