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Both Veblen on one hand and Kahneman and Tversky oon the other hand challenged standard neoclassical notions of rationality. Explain the similarities and differences between Institutional Economics (Veblen) and Behavioral Economics (Kahneman and Tversky). Which presents a more fundamental challenge to neoclassical economics? Explain.
Elucidate unemployment in relation to the Phillip's curve with an appropriate sketch.
Ney Inc. and ARN Parts are the only two producers of bulldozer bucket teeth. The owners of the two firms conspire to charge a monopoly price, with each firm serving half the market. What is each firm's profit? Now suppose that Ney Inc. reneges on th..
The human resource manager of the XYZ Company makes the following claim: “Our workers make an average of $500 per week. We produce $6000 worth of output each week using only 10 workers. That averages out to $600 per worker per week. We should therefo..
If thousands of consumers begin buying MP3 players, illustrate what will take place to provide as a result.
Illustrate what is the distinction between marginal revenue product also marginal revenue. How does the government of Canada redistribute income.
Compute the price elasticity of demand for good X between the two prices on the demand curve. Describe the price elasticity of demand for good X.
Michael Walzer asserts that terrorism is wrong because it is an indiscriminate attack on the innocent. If you were an immunity theorist, you would judge an attack by American soldiers on a group of twenty ruthless terrorists who had two noncombatant ..
Gert communication, inc. purchased new equipment for $200000.gert communication, inc. paid $50000 for the equipment in cash and took financing for 3 years at 15% annual interest. What amount Gert communication, inc. should pay in every installment fo..
If overseas producers can sell in the domestic market Illustrate what is the equilibrium price. Illustrate what is the equilibrium quantity.
The capital cost of the membrane treatment system is $500,000 with operating costs at $100,000 occuring biannually with additional $25,000 per year for contract services. Draw cash flow diagram for each system demonstrating the first 10 years of use...
Allison is trying to complete her income-tax return. A number of questions have come up about life insurance. Explain the tax treatment of each of the following. Allison is the beneficiary named in her grandfather’s life insurance policy. Allison’s o..
The Short Run Total Cost of a firm is given by C= 190 + 53 Q. Find out the firm's total fixed cost. Find out the firm's total variable cost. Find out the firm's short run marginal cost.
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