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Keynesian economics and neoclassical economics have been challenging, attacking and refuting one another ever since his General Theory from 1936.
(a) outlines the basic dispute between them and
(b) explains why so old and often repeated debate continues to be a major concern of the mainstream economics profession.
The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. Is Bridget making the utility-maximizing choice.
Assume that the coin is flipped 3 times, and the random variable X is defined to be 4 times the number of heads minus 5 times the number of tails.
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The coke machine requires exact change- Two quarters and a dime. No other combination of coins will make anything come out of the machine. Does Mike always prefer more o..
In the solow model we saw that countries that have higher population growth rates should have a lower steady state level of capital
Describe how you could use confidence intervals to help make a decision in your current job, a past job, or life situation.
A firm is facing a downward-sloping demand curve: q = 96 - 2P. Write the inverse demand function, i.e. write P as a function of q. Derive the total revenue as a function of q. Derive the marginal revenue as a function of q.
Why is marginal analysis so important to consider when conducting any sort of analysis on the economies and diseconomies of scale of a company's production. How can one identify this to be the case?
What other factors could cause the price of heating oil to increase?
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
If Clancy buys a coupon to pays when Sullivan wins Illustrate what is the induced lottery to he faces. Illustrate what is its expected value.
How do you explain the wide variety of prices for virtually the same service, given that the cost to Netflix of providing each plan is basically the same?
Suppose there is a two-person and two goods pure exchange economy in which both persons have the same, strictly convex utility function and their utilities are increasing in their consumption of both goods . Would an allocation where one person has a..
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