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1. Pritchett and Summers argue that income per capita is strongly and positively related to health status when viewed across the world. The following table presents data from the year 2000.
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
2. Suppose a ?rm has the following production technology for goods 1 and 2:
(a) Does Good 1 indicate economies of scale? Why?(b) Does Good 2 indicate economies of scale? Why?(c) Do the two goods indicate economies of scope? Why?
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
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:
Why does a business need to understand elasticity of demand and calculate the elasticity of demand between prices $6 to $8
Determine the effect of an raise in the quantity of money and find the difference between real variables and nominal variables? Are these variables affected through the quantity of money?
If the interest group theory applies to hospitals, explain why does not it also apply to nursing homes? Would a doctor owned, for profit hospital be as attractive to physicians as a nonprofit hospital?
Analyse a range of current economic issues and problems and develop and communicate economic arguments in a variety of forms.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
What is the equilibrium price and quantity and assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
what are the expressions for AC's total revenue ,marginal revenue, total cost and marginal cost as a function of output? what is AC's fixed cost and what is the variable cost?
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
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