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During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a demand shock? Illustrate, using AD-AS analysis.
Describe some forms of private spending that represent consumption and some forms that represent investment. The national income accounts include tuition as a part of consumer spending. In your opinion, are the resources you devote to your education ..
A profit maximizing competitive firm uses just one input, x. Its production function is q=8x1/2 . The price of output is 16 and the factor price is 8. The amount of the factor that the firm demand is. (a) 10 (b) 22.63 (c) 64 (d) 48 (e) None of the ab..
What is the difference between a proportional tax and a progressive tax? What are the problems of progressive taxation as a means to achieve greater equality in income distribution?
Show mathematically that for any upward sloping SRMC, SRATC is strictly convex, crosses the SRMC curve at the lowest point on the SRATC curve, and the SRMC curve is rising at that point.
How might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in two hours?
You owe $1000 on your credit card. The APR is 24%, compounded monthly. The credit card company indicates that your minimum payment is $22.44. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..
Which of the following is not an example of a market failure?
Pepsi-Cola® and Coca-Cola® have dominated the market for almost a century whereas General Motors™ and Ford Motor Company© have suffered due to increased competition.
A plastics company is considering two injection molding processes. Process X will have a first cost of $600,000, annual costs of $200,000, and a salvage value of $100,000 after 5 years. Process Y will have a first cost of $800,000, annual costs of $1..
Estimate cost elasticity of demand for education at this university. Is cost elasticity of demand for university tuition elastic or inelastic according to answer in part (i) Why.
You are the father or mother of a family of four (kids ages 13 and 15) planning a weekend camping trip. Develop a responsibility matrix for the work that needs to be done prior to starting your trip.
Pick a state and compare it to Oklahoma’s Malpractice Caps, what are the state’s caps or limits on the amount of money that can be awarded to victims of medical malpractice cases. Give any details that tell why or how the state determined that amount..
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