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1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?2. Explain the major components of the market for goods and services. What key macroeconomic variables influence spending on those components?3. What are some of the inconsistencies that made economists skeptical of the value of large, structural macroeconomic models? How did the overconfidence of macroeconomists after the long expansion of the 1960s lead to the inflation of the 1970s?
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
Consider the problem of a competitive firm and what is the maximum market price at which the firm decides to supply zero?
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
Using the AD-AS model explain how the economy will adjust in the long run. Should the government undertake any proactive fiscal or monetary policy in this situation?
Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.
List three strategies that can be used by firms to enhance profits in an environment of extreme price competition.
In the 1992 presidential elections, Ross Perot was speaking of NAFTA, which both of the other candidates (George H.W. Bush and Bill Clinton) supported. He made the statement about NAFTA ‘that giant sucking sound you hear will be your jobs being se..
a pollutoin control agency is considering the following rgulatory policies: (i) taxing the use of one input that increases pollution. (other inputs affect pollution too, both increasing and decreasing it) (ii) taxing the final goods that firms produc..
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
Find out the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply curve y = S(q) and shade the region whose area represents the producers' surplus.
However, rather than having data on individual workers, you have access to data on manufacturing firms in Ohio. in particular, for each firm, you have information on hours of job training per worker(training) and number of nondirective items produ..
The Gap pursues a segmented market strategy with three main tiers of retail clothing stores: Gap, Banana Republic, and Old Navy. Is this strategy enhancing the competitive positioning of the parent company Is it increasing the cost and lowering th..
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