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Suppose that the president proposes a new law aimed at reducing heath care costs: All Americans are to be required to eat one apple daily.
a. How would this apple-a-day law affect the demand and equilibrium price of apples?
b. How would the law affect the marginal product and the value of the marginal product of apple pickers?
c. How would the law affect the demand and equilibrium wage for apple pickers?
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
Innovation lagged in the centrally planned economies because: there was too much domestic business competition. there was too much competition from foreign firms. A positive statement is one which is:
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
Select one principle and create an additional example that will help students understand that principle better. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your lif..
The company estimates the probability of no damage to be 0.60, the probability of damage between $0 and $10,000 to be 0.25. what should be the price of the policy.
Environmental Protection Agency regulations tend to go by several stages of review and approval before they are implemented.
Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.
Who is hurt and who benefits from each of the two types of inflation What is the impact that inflation has on our income List and describe two examples of when inflation may be understated as a result of how the CPI is measured.
Imagine cell phones are simple and the only thing consumers care about is minutes. Suppose a monopolist wireless company says, "The cell phone and the first 6 minutes are free, and the price of each additional minute is $2." Now suppose your deman..
Describe the difference between "stock variables" and "flow variables" in macroeconomic models. Of the following variables: aggregate income, aggregate wealth, aggregate investment, the aggregate money supply, government budget deficit, and govern..
Does an increase in the average annual labour income imply that the individual worker's labour income has increased and
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