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What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making.
In article 2.6 in Dollars & Sense, current research reveals that minimum wage is not set too high! In keeping with your reading of Mankiw's ch. 6, what does this mean in terms of minimum wage being a price floor?
What is true about the relationship between marginal revenue and marginal costs when profit is the greatest?
What is the price of money? Hint: interest rates. How are interest rates determined?
What is the maximum amount of new loans that this bank can make and assume that the bank makes these loans. What will the new balance sheet look like?
Now suppose the two doctors play this game twice. Also, suppose each doctor can play one of two strategies: it can play either "always charge the low price" or "tit for tat"- that is, it starts off charging the high price in the first period
a monopolist can earn positive profits in the long run because it has market power allowing it to charge a price that
Assuming that poor and rich countries have the same production function, illustrate how the poor country will converge with the rich country. Describe how this mechanism works. 2. In the data, countries with low living standards have capital-to-wo..
suppose the chairman and chief executive officer of general motors has decided to a raise the companys auto prices by
Presume a country can produce a maximum of 5,000 jumbo airliners or 1,000 aircraft carriers. What is the opportunity cost of an aircraft carrier? What is the implied price of the carrier in trade?
1. which of the following best describes what happens when consumer income increases?a there is a shift to the right in
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Explain the price elasticity of supply for the following cases:?
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