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Use supply and demand curve shifts to illustrate the effect of the following events on the market for apples. Make clear the direction of the change in both price and quantity sold ..
a. Scientists find that an apple a day does indeed keep the doctor away.
b. The price of oranges triples.
c. A drought shrinks the apple crop to one-third its normal size.
d. Thousands of college students abandon the academic life to become apple pickers.
e. Thousands of college students abandon the academic life to become apple growers.
President Bush’s approach to economics was very similar to that of President Reagan’s. explain the assumptions behind the theory of supply-side economics.
Determine the present worth of 5 annual deposits of $1,200 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 7 will have a depsoit and a withdrawal. Interest..
profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
Assume United States can produce Toyotas at the cost of $8,000 per car and Chevrolets at $6,000 per car. In Japan, Toyotas can produce at 1,000,000 yen and Chevrolets at 500,000 yen.
Underproduction of Public Goods Suppose point A represents the optimal mix of output-that is, the mix of private and public goods that maximizes society's welfare. Because consumers won't demand purely public goods in the marketplace.
Consider an economy composed of identical individuals who live for two periods. These individuals have preferences over consumption in period 1 and 2 given by U = (c1)0.5 × (c2)0.5. They receive an income of 100 in period 1 (young) and 20 in perio..
explain how rent seeking can lead to a drop in productin of goods and services. what role might the underground economy play in lessing the drop in productie activities
Now suppose there is another country called Lotech which has not seen the innovations in credit cards and ATMs that Hitech has. If the rate of money growth and the growth rate of real GDP were the same in Hitech and Lotech over this period, then h..
Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP Per capita GDP How will it affect economic welfare
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
When an economist says that a currency has become stronger, he or she means that it will buy less of foreign goods. it can be exchanged for more of a foreign currency.
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