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Besides specialization there are a number of other economic advantages to marriage. Provide a brief explanation of the following concepts and how they related to marriage:
i. Economies of scale
ii. Public goods
iii. Positive externalities in consumption
iv. Risk pooling
v. Institutional advantages
A manufactures of a well-known brand of toothpaste is considering changing the way he prices his tooth paste. Currently, he is selling it at $5.00 per bottle. He hired a college professor of economics to estimate the demand function for the product.
What is the Federal Reserve (Fed) all about? Which Federal Reserve District Bank is closest to you? Who is the current Chairman of the Fed? Should the Fed remain independent from political authority or should the President and Congress have a say in ..
According to Milton Friedman and Anna Schwartz, what was the Federal Reserve’s crime of commission that occurred in the Summer/Fall of 1931 that had a devastating effect on the course of the Great Depression?
Elucidate the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a five-pound bag of flour sold by your local grocer. Calculate the final market va..
Calculate income elasticity of demand for both X and Y at that point. Calculate an approximate cross cost elasticity of demand for Y when Px changes from 5 to 6.
Calculate the present value (PV) of profits for Abe's business at each of the following discount rates: 8%, 9%, 10%, and 12%.
Suppose the Congress decides to reduce transfer payments but to increase government purchases of goods and services by an equal amount. That is it undertakes a change in fiscal policy such that ΔG = - ΔTR. Find the change in equilibrium income. What ..
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organ..
Calculate Marginal Revenue from demand if the marginal propensity to save is 0.05, how large is the multiplier.
The tax multiplier for someone living below the poverty line is smaller than the tax multiplier for someone with an annual income of $1 million. The tax multiplier for someone living below the poverty line is smaller than the tax multiplier for someo..
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from one another and can observe the prices posted
In 1991 and 1994, Apple Computer engaged in a holding action in desktop market dominated by PCs using Intel chips and running Microsoft's operating systems.
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