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1. What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer.
2. Does private ownership entitle the owners to do anything they want with their property? Why or why not?
3. Do private owners have an incentive to conserve resources for the future?
4. Do businesses operating in a competitive market have an incentive to keep costs low and produce goods that consumers value highly relative to cost? Do they have an incentive to innovate and develop improved products? Explain.
How to prepare a Time-Series Model that explains how that organization is detailing the trends, business cycles, seasonal variations and random fluctuations?
Suppose you were having lunch with your best friend who just enrolled in an economics class. He was complaining about Explain how irrelevant class was, commenting that he saw no useful purpose for economics.
Between 2011 and 2012, the quantity of cars produced and sold decreased by 20%. During the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3. Comp..
Demand in a perfectly competitive market is Q = 100 - P . Supply in that market is Q = P - 10.
For a normal good, the income and substitution effects
Phil has two periods of work remaining prior to retirement. Assume that Phil maximizes the present value of his expected lifetime earnings and his discount rate is 10 percent. He is currently employed in a firm that pays him the value of his marginal..
Which of the following factors reduces the need for government involvement in the marketplace?
On one hand, the WTO's role in international trade is becoming more significant. On the other hand, its verdict on the Brazil's Embraer versus Canada's Bombardier case did not seem to solve the problem.
q1. consider the information you have read this week on international trade and specifically regarding the domestic
Entrepreneurship has become the new way of doing business in our world. With economies in decline and organizations downsizing and the lack of opportunities that satisfy, entrepreneurship has been born.
Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
Find the total quantity produced also every firm's profit in equilibrium. Express Illustrate what happens to these when Firm 1 changes its technology as above.
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