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Identify and describe in detail the four vital functions of money in detail. Give real world examples of each of them. How would you construct an argument around the comment "more money you have the more problems you have". How would you use each medium in the real world?
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?
Formulate a linear programming model for this problem and prepare the initial tableau if the problem is to be solved using simplex
Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
Draw a graph of aggregate demand and aggregate supply to illustrate the current situation. Be sure to include the aggregate demand curve, the short run aggregate supply curve and the long-run aggregate supply curve
how many units of each product should she buy in order to maximize her utility. Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change..
Interpret the components of mathematical equations that explain the linear programming problem for each of the following:
How much will each firm produce and what is the shut-down price for the firm - What is the largest quantity the firm can produce where the cost minimizing choice is to produce everything with production process 1?
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial a..
Can both monopolies continue endlessly? Why or why not for each example and what factors could cause the monopolies to end?
Computing an allocation for a planned socialist economy is prone to great computational difficulties.
This basic one costs $4,000 for the employee this year, plus $2,500 for the spouse, and $2,500 for any number of children. It also has a family deductible amount of $2,000 before benefits (80% paid; 20% co-insurance) kick in.
Yolanda owns an art factory in Palermo, Italy. She is thinking of expanding her exports of large-size paintings of Italian cityscapes. She has had little difficulty recruiting new artists to Palermo to work a 40-hour week in the factory.
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