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In year 2013, the population of island I is 210, 000 people, of which 150,000 are aged 16 or older. Of this 150,000 people, 100,000 have jobs (50,000 do not). 30,000 are separated but actively seeking employment and there are 20, 000 who have given up the job search in frustration. a. Find the employment rate is for 2013
Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price related to average total cost? How is price related to marginal cost?
Use the concept of a production possibilities curve to illustrate the choice between consumption of lifetime earnings during the period when the income was earned (horizontal axis) and consumption during retirement years (vertical axis).
List out the distinct characteristics of a perfectly competitive labor market and compare them to the characteristics of monopsony.
A mathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double. Elucidate how long will it take Mexico's real GDP per person to reach the level that the United States was at..
q1. for you and your neighbor to specialize and trade it must be that the price at which you or your neighbor sells the
Your firm has a 20% market share in a high growth market [35% annual growth] where the major competitor [50% market share] is pursuing a conservative policy of only growing as fast the market. Your firm on the other hand has unlimited access to exter..
For the industry you have chosen, discuss how price moves from today to the future.
Three policies used to restrict trade are: Tariffs, Quotas, and regulatory trade restrictions. Discuss pros and cons of each. If the government has to decide on one which one it will?
Why do politicians (such as Ron Paul) who distrust government prefer government-issued gold and silver coins to government-issued paper money? Do you agree or disagree? What are the pros and cons of commodity versus fiat money?
A price-taking firm selling in a market with a price greater than the firm’s average total cost should:
Suppose that a firm's production function is Q= min{K,L} . Currently, the wage is w= 8 and the cost of capital is r=8. What is the minimum cost method of producing Q=40 units of output? Suppose that wages fall to w=4. Keeping total cost the same, wha..
Describe briefly one trade topic identified by the WTO on the website. And, what did you learn from the Web site about the WTO.
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