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Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Congress should force U.S. automakers to build this energy-efficient car. In your opinion, is energy efficiency the same thing as economic efficiency? Please explain your opinion and state whether you support it or not.
Spending by the consumer sector is the driving force in the US economic system. Although the business and government sectors make a considerable contribution to the success of the economy, it is the spending by the consumer or household sector of the..
Many cities have experienced a substantial decrease in the amount of garbage being collected after they changes from levying a tax on each household to pay for the pickup to charging a fee for each bag or can picked up.
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold?
Economist L. Randall Wray writes in a paper, “[t]his approach, [M-C-M’], is suited to the study of realworld capitalist economies that can be characterized as operating at less than full capacity as the normal situation]. Give two common sense reason..
external benefit generated by sale of marginal widget is $100, regardless of how many widgets are purchased.
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run.
Explain how to measure the price elasticity of demand and supply and the cross elasticity income elasticity of demand? Explain how you would calculate the price elasticity of demand for gasoline.
Illustrate what is the natural rate of unemployment for this economy. Assume the economy has been in equilibrium for a while also the inflation rate is 15%.
"The ratio of capital accounts to total assists is only one of many factors that indicate the financial condition of a commercial bank." Evaluate this statement
A television network will allow National Motors to advertise its claim if the appropriate null hypothesis can be rejected
Suppose that households wealth increase because the value of their assists (homes, stocks, land, etc.) have increased. As a result of this shock our model of the labor market predicts that
Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Kate's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80. For the three individuals together,..
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