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Since all economies are faced with scarcity, how might nations attempt to minimize the human hardship associated with scarcity? Try to use concepts seen in this unit such as production possibilities frontier, comparative advantage, circular flow, etc.
Suppose Gillette makes razors and blades. The marginal cost of producing blades is 1 and assume the marginal cost of producing razors is 5. Gillete has a monopoly in the razor market, but the blade market is competitive.There are two types of cons..
Illustrate what did classical economists assume about the flexibility. What disagreements did Keynes have with classical economists.
Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
Describe the factors in Michael Porter's "Five Forces Model" that affect the ability of any comapny in an industry to earn a profit.
Assume an airline flying on the Charlotile - Chicago route has estimated the demand curves for three different types of customers: business
Two identical countries, Alpha and Beta, can be described by the IS-LM model in the short run. The governments of both countries cut taxes by the same amount. The Central Bank of Alpha follows a policy of holding a constant money supply. The Centr..
Elucidate which economic concepts, sure as comparative advantage, apply to your firm. Explain how these economic concepts can be used to address the firms's problem and opportunities.
Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will, a. harm hat workers, benefit banana workers, but benefit the nation as a whole. b. harm hat workers, harm bana..
Consider a simple economy with only Robinson Crusoe, coconuts and leisure. He has utility U (c,l) = c^(1/2)*l and a production function C=L^(1/2), where c is the amount of coconuts he consumes, l is the amount of leisure he consumes, and L is the ..
Use the classical model and the quantity theory of money to predict how each of the following shocks would affect the real wage rate (W/P), the real interest rate (r), real aggregate income (Y), and the price of goods and services (P) in a closed ..
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
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