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a. Describe in words how a production possibilities curve illustrates 1) scarcity, 2) opportunity cost and 3) economic efficiency?
b. How could the goals of equity and economic efficiency conflict with one another (i.e., if one is enhanced the other diminishes as a result)?
c. Explain at least three ways in which the aggregate standard of living can rise.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth
question 1 a toy manufacturer is experiencing quality problems on its assembly line. every defective toy that leaves
When you were a child living at home, your parents or guardians paid for the food, utilities and clothes that you use. How did this “third-party-payer system” affect your behavior? How did your parents or guardians try to limit these effects?
while bob was walking in the park he found a 100 bill. not finding the owner he decided to deposit it in his checking
economic historians have argued that the financial system that emerged in the late 1700s and early 1800s was
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
Richard is deciding whether to buy a state lottery ticket. Each ticket costs $1, and the probability of the following winning payoffs is given as follows: Probability Return .5 $0.00 2.5 $1.00 .2 $2.00 -05 $7.50
The output effect of an increase in the wage comes about because higher wages:
1. use the following to calculate profit at each quantity of output.total output qnbspnbspnbspnbspnbsp price
describe an experience where you have worked with or know someone with problems associated with shift work. what were
1. regulators are considering controlling the emissions from two local power plants. the marginal benefits the
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