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The price elasticity of demand for a good or service will be greater in absolute value if many close substitutes are available. In at least three well composed paragraphs, please explain this economic behavior and provide two examples.
cause an increase in the natural rate of unemployment?
The problem is related to economics, particularly to macroeconomics and it is An essay on Market imperfection associated with negative externalities.
Suppose government were to provide free daycare for children and assume this has no effect on the real wage w, taxes T, and dividend income π. Determine effect of the daycare program on consumption, leisure and hours worked by the consumer.
1. consider the following model of the economywages are determined by the following equation w pe 2.5 - 10u.price is
Walmart wants to open a superstore near you. List the reasons why you think they (a) should be allowed to do so; (b) should not be allowed to do so.
What would need to be added to the basic supply and demand model to accurately predict what people do whenthey aren't sure if the store will have the goods they wantin stock. What should the shortage of Eggo Waffles do to the demand forother brands..
defines and explains a closed system and provides an example. defines and explains an open system and provides an
A monopoly is considering selling several units of a homogenous product as a single package. A typical consumer’s demand for the product is Q^d = 50 - 0.25P, and the marginal cost of production is $120.
Assume that MPC is 0.8, while the sum of planned investment, government purchases, and net exports is $500 billion. Assume also that the government budget is in balance.
Use the classical model and the quantity theory of money to predict how each of the following shocks would affect the real wage rate (W/P), the real interest rate (r), real aggregate income (Y), and the price of goods and services (P) in a closed ..
What is your average total cost? Suppose you could produce one more (the fifth) widget at a marginal cost of $5. If you do produce that fifth widget, what will your average total cost be? Has your average total cost increased or decreased? Why
If there is excess supply of funds in Banks' exchange settlement accounts, explain what the Reserve Bank of Australia would do to ensure that the cash rate of interest remains constant.
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