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Q1. Does the existence of poverty imply that our socioeconomic system is unjust? Does the concentration of poverty in certain groups make it more unjust than it would be otherwise?
Q2. Why is "automobiles" instead of "wheat growers" a better example of an oligopolistic industry?
Q3. Come Relax Manufactures a special type of chair. Its short run production function is Q = 30L - 0.2KL^2; where L is labor and K is capital. K = 7.5 (a constant). Prepare a production schedule and calculate the total, marginal and average products
Over the past year price inflation has been 10% but the price of a used ford escort has fallen from $6000 to $5000. The real price of a ford escort has fallen by Elucidate how much.
Suppose that re are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. What is opportunity cost of producing a car in Canada.
Clearly evalute at least three such factors that in your view should be included in the GDP calculations. Explain and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
Business has only one social responsibility-to make profits (as long as it stays within the legal and moral rules of the game establised by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by..
q.representative consumers have the utility function ucls lnc ln1- lsrepresentative consumers have labor endowment of
assume that the yearly capital cost is 10% of the total investment. Elucidate at what production quantity ?these two investment are opportunities.
Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
what will be the value of the lost revenue after a 3-year period at an interest rate of 11.940397% per year, compounded continuously?
In light of the externalities involved in the market for gasoline, how do the tax changes affect society's total welfare. Elucidate the effects on each individual component of total welfare.
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
Illustrate a firm in monopolistic competition that does not make a profit but rather a loss. Now illustrate how firm exit will change demand in the long run, allowing at least some firms to break even.
Explain why such an amendment, if strictly enforced, would force the government to enact a contractionary fiscal policy whenever the economy experienced a severe recession.
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