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Agrarian society
Discussion Questions
a. How did economic theory manifest itself in agrarian societies?
b. Which of the causes of the industrial revolution was the most important? Why?
c. What is the likelihood of a second industrial revolution in underdeveloped countries today?
d. What was the impact of warfare on the industrial revolution?
e. What is the relationship between economic theory and the industrial revolution?
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For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
The percentage changes in quantity demanded divided by the percentage change in price.
Explain how has the relative composition of M1 changed since 1965? Do your best to explain why this change has occurred.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
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Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
Explain how does the marginal price for a product like this differ from a product like automobiles. What relevance might there be to this difference.
Illustrtae what is the required rate of return on each of the two company's equity.
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