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Explain the relationship between wages/prices and unemployment using the basic Phillips Curve (PC) relationship. Explain Friedman and Phelps modification to the basic PC, their view of stagflation, and the concept of NAIRU.
Read "The Path to Liberation" (24-2). Why did Ho Chi Minh embrace International Communism? What were the essential elements of Lenin's strategy for bringing about International Communism? To what extent is International Communism compatible with nati..
Which of the following is one of the justifications given for the law of supply?
Katie's project has a five-year term, a first cost, no salvage value, and annual savings of $20 000 per year. After doing present worth and annual worth calculations with a 15% interest rate, Katie notices that the calculated annual worth for the pro..
Economists assume that consumers attempt to maximize their utility based upon their preferences, income and price of commodities. Do you see any weakness of the above are you aware of any example of irrational behavior by consumers (or yourself)?
Illustrate what most such asly cause the production possibility curve for vcrs also food to shift outward.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported steel rods: A senator from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such as a tariff, on..
Duffy derives utility from only two goods: milk and cookies. He only consumes milk and cookies in fixed proportions: he likes to have 4 cookies with each glass of milk. Duffy has income of $270, the price of milk is $1 per glass, and the price of a c..
Your income is $40. The price of each unit of food is $2, and the price of each unit of clothing is $10. Draw a graph of your budget line. Now, your income rises to $50 and the prices of food and clothing remain the same. Draw a graph of your new bud..
q. 1. describe michael porters five-force model and indicate why many observers regard his paradigm of industry
In many urban areas, the fast food industry is a common example of a market that is monopolistically competitive. Are there any barriers to entry for potential firms that might wish to enter the fast food industry? Also, what are the prospects for a ..
Irish is on the Venice Strip in Los Angeles selling necklaces. He is one of over 100 necklaces suppliers on the Venice strip, and there are naturally many potential buyers that stroll along the strip every day. Futhermore, for the average person, Iri..
Consider a product that has a cost function c(y) = 10y. What is a monopolist’s optimal production plan and price? What would the equilibrium price and output be under perfect competition? what is the deadweight loss from the monopoly? (know how to so..
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