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Former president candidate patrick J buchanan has argued, " the US labor supply has grown by more tens of millions in the past twenty five years than in any other period in history.
How could the price of labor not fall? answer Buchanan's question: If there is an increase in labor supply, does the equilibrium wage have to fall?
The difference in prices for each of the following pairs of goods in terms of the laws of supply and demand natural diamonds and zircons human-made diamonds.
Mark discovers that he needs to do an additional $200 of work to make the cabinet worth $360 topotential buyers. He could also sell the cabinet now, without completing theadditional work, for $100. What should he do?
Would you expect the price elasticity of demand to be higher at the level of an individual school (e.g., Baker) or at the aggregate level
If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P,
What role do inventories play in determining the real GDP demanded In answering this question, suppose initially that firms are either producing more than people plan to spend or producing less than people plan to spend.
Which of the following does not describe the circular flow model between the householdand the firm? John works at a coffee shop and makes $10 per hour. He decides to leave work an hour early to go see a movie that costs $8 per ticket. The opportuni..
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP Per capita GDP How will it affect economic welfare
Raj's Utility bundles of X and Y is given by U(X,Y)=XY A. Fill in the table with Raj's utility for the corresponding bundles x=1 x=2 x=3, y=1 y=2 y=3 B. Write a formula for Raj's indifference curves. Draw one such curve.
Find the first order conditions and find the asset demand function for a when utility takes the log form, as in 1B above.
in what way the US trucking industry exemplified the capture theory hypothesis of government regulation prior to the passage of the Motor Carrier Act of 1980 and the result of hte passage of the Motor Carrier Act in 1980.Determine whether the Justi..
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
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