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Economic Industrial Revolutions
Select five innovations associated with the Industrial Revolution and five innovations from the Technological Revolution. For each innovation, identify the effects it had on individuals, societies, businesses, and politics.
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
Compute the point price elasticity of demand for bearing grease.
Illustrate what has happened to the price and quantity of the substitutes and complimentary goods/ services for your selected product over the last year.
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
A firm uses a single plan with costs C = 160 + 16Q + .1Q 2 and faces the price equation P = 96 - .4Q. The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units.
Computer the amount of manufacturing overhead incurred for the month. Suppose all costs are actual. Using actual costing, compute the cost of one unit.
Define the following in three senctence minimum definition.
According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain. What is the impact of opening trade on the real wage in Russia? Briefly explain.
Explain for each of the situations, decide either the bundle Lakshani is thinking about consuming is optimal or not.
One of the major problems in macroeconomics is disagreement in the debate over policy activism versus policy rules.
Explain how will unskilled workers adapt to a workplace requiring more skilled workers and fewer unskilled workers.
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