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1. Provide an example of each of the factors of production and how the government may alter the factor to expand the productive ability of the economy? Provide a chart if needed?
2. Explain the concept of comparative advantage. How does this concept explain that it is advantageous for the US to trade with a country at a markedly lower level of technological development? Provide a chart if needed?
3. Explain how a minimum wage may allow for more discrimination to occur in a workplace. Is this a certain conclusion? What market conditions would mitigate this outcome? Provide a chart if needed?
4. Explain the assumptions behind the model of perfect competition? Provide a chart if needed?
5. Explain the sources of the recent housing price "bubble"? Provide a chart if needed?
6. Using the PPF and Circular Flow models explain how a government shutdown will likely alter the short- and long-run health of the economy? Provide a chart if needed?
Discuss why is it difficult to estimate who is and who is not in the labor force? What consequence does this have, if any, for the labor market indicator?
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
What is gross domestic product (GDP) and what is the use of it and can a country achieve a 0% unemployment rate, explain
Assume that the banking system's nonborrowed reserves total $48.3 billion, with total legal reserves standing at $51.2 billion. What must lent reserves be?
Boston based gas station owner set highest gasoline values in the country. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 each gallon at night
Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:
What is the total product function for Dimex? The average product function? The marginal product function?
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
What is the long-run equilibrium market price and quantity and what is the long-run number of firms in the industry? How much does each produce? What are their profits?
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
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