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Suppose that the price of labour rises. Explain how producers would respond, using the isocost/isoquant framework. What would happen to the capital/labour ratio?
In light of the Ricardian model, how might you evaluate the claim by developing countries that they are at a disadvantage in trade with powerful industrialized nations?
Among perfect competition, monopolistic competition, oligopoly, and monopoly, how would you classify the markets for each of teh drinks.
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Most countries, including the united states, import substantial amounts of goods and services from other countries. a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself.
In general, marginal cost curve is U-shaped as you learned in my lecture and textbook. However, exception exists. Would you please provide one particular industry as an example to illustrate that MC is not U-shaped
Why is elasticity of demand, useful in policy decisions Consider both price elasticity of demand and income elasticity of demand. Using graphs to illustrate your explanations of elasticity of demand, when elasticity changes and when it does not
There are two types of apartments in the city: Good (20%) of the apartments) and bad (80% of the apartments). You could live in either of them, but you would prefer a good apartment.
Q=aK+bL, where a and b are the coefficients of capital and labour respectively. Q refers to output, K refers to capital and L refers to labour. show that the marginal rate of substitution between capital and labour is MRTSKL=b/a
On the other hand, suppose that the Fed has a goal of 10% inflation. Use similar logic as in the previous question to show what the Fed must do to the money supply.
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (final answer should be $7778).
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
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