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Explain why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly?
Explain how much should the firm charge to earn the maximum profit during off peak times.
Elucidate your answer also describe terms relevant to elasticity used in your explanation.
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
Illustrate what would happen to the demand for iPhones if consumer income rises by 10%. Be specific. Are iPhones a normal or an inferior good.
When Hallmark stores offer a product line that includes everything you need to have a Spiderman theme birthday party, what is the primary segmenting dimension that Hallmark is using? Which is the first step in market segmentation?
Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.1q3 - 3q2 + 60q + 1000, and short-run marginal cost equation of MC(q) = .3q2 - 6q + 60, if the firm produces 25 units of output: Use the MC(q) equation to solve for t..
Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be proportional, progressive or, regressive What assumptions do you make in answering this question Do you think the tax that was imposed either efficien..
Could a labor union or a minimum salary law efficiently help to raise wages.
Discuss the components of Gross National Product? How does it understate aggregate production in Third World countries where substantial economic production may be consumed directly
One of the questions in a survey of high school students asked about lying to teachers. The following table gives the number of students who said that they lied to a teacher at least once during the past year, classified by gender. Lied at least o..
Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the marginal product of an input and the marginal cost of production.
The Affordable Care Act signed into law on March 23, 2010 requires individuals to be enrolled in a health insurance plan or face monetary penalties. This is known as the individual mandate. What is the economic justification for such provision in..
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