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#### Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

#### Illustrate what can we conclude about the income elasticity

Illustrate what can we conclude about the income elasticity of demand?is it positive or negative. what class of goods candy bar belongs to.

#### Elucidate what is the size of the gdp gap

Assume that equilibrium real GDP is 800 billion, potential gdp is 900 billion, the mpc is .80, and the mpi is .40 . What is the size of the GDP gap.

#### Native americans who decide to stay tribe native land

Considers the choices of Native Americans who decide to stay on their tribe native land or reservation also those who select to relocate to a city.

#### Illustrate what imply about actual price level relative

Illustrate what does it imply about actual price level relative to expected price level. Illustrate what must happen to real and nominal wages in order to close a contractionary gap.

#### Simple regression analysis which demand increases

Finds in a simple regression analysis which demand increases with an increase in advertising also falls as advertising expenditures are reduced.

#### How does this change in tax policy affect the price that buy

How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket including the tax, the amount seller receive net of the tax, and the quantity of the good sold?

#### Purely competitive wheat farmer can sell any wheat

A purely competitive wheat farmer can sell any wheat he grows for \$30 every bushel. His five acres of land

#### How the indifference curve and budget line

Explain how the indifference curve and budget line apparatus are used to derive a consumer's demand curve.

#### Illustrate what is probability that simple random sample

Illustrate what is the probability that  a simple random sample of auto insurance policies will have a sample mean within \$25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400.

#### Wheat producers lobby the government for a price

Assumes that wheat producers lobby the government for a price floor also receive one.

#### Relationship marginal-cost curve and total cost curve

Graph all three curves. What is the relationship between the marginal-cost curve and the average total cost curve