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The Chinese economy has grown at an average annual rate of about 10 percent over the last twenty years. By contrast, the US economy has grown at an average annual rate of about 3 percent over this same period. This has made observers wonder as to why China is growing so quickly.
One commentator suggested he knew the reason for China's success, writing:
"On my visits to China I noticed the finished apartments were so poorly made that they will need to be replaced in less than 15-20 years. This is the secret to their economy. The entire infrastructure will need replacing all the time and that keeps a billion people with jobs."
Is the commentator right? Comment from an economic perspective.
If my preferences are such to I am indifferent among apples also mangoes but I prefer mangoes to cantaloupe then draw my highest indifference curve.
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Illustrate what is the effect of the price increase on revenue at the YSU campus store. Calculate the price elasticity of demand for Bottom Feeder Tacos using the mid-point formula.
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GRAPH the long-run profit of a monopolistically competitive firm. Do Monopolistically competitive firms generate a long-run profit? Why is a monopolistic competition said to be inefficient?
List the ways by which a party to a contract can cause a fraudulent misrepresentation to occur. Give an example for each way that you list. Identify the similarities and the differences between fraud, misrepresentation and mistake.
If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 c..
Suppose that an economy’s production function is cob-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decrease..
q1. consider a monopsony employer in a labour market. elucidate explain how a union in this labour market might
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Countries A and B import goods from each other. Country A’s tariff is tA percent and county B’s tariff tB percent. Given these tariffs, country A’s payoff from trade (measured in billion dollars) is 40 + 60tA – tAtB – tA2 and country B’s payoff from ..
Recalling some basic reasons about why people engage in trade, provide a short example of a market in which consumers and producers exchange goods. In your example, briefly explain who the consumers and producers are, what factors may influence suppl..
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