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In The Wealth of Nations, Adam Smith discussed what has come to be known as the "diamond and water paradox":"Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it."Graph the market for diamonds and the market for water. Show how it is possible for the price of water to be much lower than the price of diamonds, even though the demand for water is much greater than the demand for diamonds.
Suppose the marginal cost curve in the short run first decreases, then reaches a minimum, and then increases. If we are at an output where marginal cost is decreasing, then: A. marginal product must be increasing. B. average variable cost must be d..
Discuss how conservatives, liberals and radicals explain the causes of and solutions to poverty. what evidence do they use to support their view.
The own price elasticity of demand for Kodak film was -2.0 and the market elasticity of demand was -1.75. Suppose that in the 1990s, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll.
More demand and supply should be included in your analysis Warning: you are not required to "prove" or show your selection of the determinants of demand and supply. But your discussion and selection must be reasonable.
Assume first that Apple were to sell only 4GB iPods after all,they cost the same and some consumers prefer more than less. What is the optimal price for a 4GB iPod.
The Ben Bernanke has said that the Federal Reserve is going to continue its latest round of Quantitative Easing until unemployment falls to 6.5%. How fast will the economy have to grow to bring unemployment down to 6.5% by this ..
Explain how did the Mexican peso crisis differ from the Russian ruble crisis. What was the role of the IMF in these two currency crises.
Illustrate what were some changes of the demand also supply fconditions that lead to the housing market bubble and collapse
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
Current machines have a 5 year life and were purchased 3 years ago at $1500000 - Invest $1 Million in upgrade costs to extend the life of the machines for another 5 years - Savings in labor resulting from upgrade, $300000 per year in 1st year doll..
From a macroeconomic standpoint it would be most desirable to have a decrease in personal consumption expenditures/spending (aggregate spending by the household sector) A. when a recessionary gap exists. B. when an inflationary gap exists. C. durin..
Compute the cross price elasticity with respect to chicken price, the advertising elasticity and the income elasticity using the information listed
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