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Suppose that a simple society has an economy with only one resource, labor. Labor can be used to produce only two commodities axis X, a necessity good (food), and Y, a luxury good (music and merriment). Suppose that the labor force consists of 100 workers. One laborer can produce either 5 units of necessity per month (by hunting and gathering) or 10 units of luxury per month (by writing songs, playing the guitar, dancing, and so on).
On a graph, draw the economy axis ppf. Where does the ppf intersect the Y-axis? Where does it intersect the X-axis? What meaning do those points have?
b. Suppose the economy produced at a point inside the ppf. Give at least two reasons why this could occur. What could be done to move the economy to a point on the ppf?
c. Suppose you succeeded in lifting your economy to a point on its ppf. What point would you choose? How might your small society decide the point at which it wanted to be?
Using the ITT Tech Virtual Library, research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
Is Verizon Wireless a monopoly? In what ways could it be considered a monopoly? What markets are involved? What anti-trust legislation would apply? Is anti-trust legislation "fair" to your chosen firm? Why or why not?
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
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trudeaus body shop incurs total costs given by tc 2400 100q. if the price it charges for a paint job is 120 what is
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suppose the currency in circulation is 600 billion the amount of checkable deposits is 900 billion and excess reserves
ace and baumont corporations make and sell electrical equipment. both have to decide whether or not to discount. the
Third National Bank has reserves of $20,000 and checkable deposits of $100,000. The reserve ratio is 20%. Households deposit $10,000 in currency into a checking account at the bank and that currency is added to reserves. What level of excess reserves..
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Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
In 1987, Lowell Wilson, the plant superintendent, hired Youngstown Security Patrol, Inc. (YSP), a security company, to guard Greif property and "deter thieves and vandals." Some YSP security guards, as Wilson knew, carried firearms.
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