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Assume an economy where there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $ 3 per bushel, and 5 million bushels are stored by the wheat producer to use as seed for next year’s crop. The bread producer produces and sells 100 million loaves of bread to consumers for $ 3.50 per loaf. Determine GDP in this economy during this year using the product and expenditure approaches.
The government often provides goods that are nonrivalrous and nonexclusive to overcome which market failure?
In the following game, determine the maximum amount you would be willing to pay for the privilege of moving (a) first, (b) second, or (c) third: There are three players, you and two rivals. The player announcing the largest integer gets a payoff of $..
The initial cost of machinery for producing a certain item is $50,000. The machinery will have a five-year life with no salvage value. The manufacturing process has a fixed cost of $5,000 per year and a variable cost of $16 per unit. At an interest r..
There are increasing returns to size whenever increasing the output of the business results in: At the output level where MC is just equal to ATC:
Evaluate the strength of your brgaining position for each option. Which of these would be the most advantageous?
Social entrepreneurs generally attempt to create win-win situations and make the world a better place. Is making the world a better place ethically incompatible with making a profit? Why, or why not? Can you identify a firm with a high degree of focu..
Why do you think motorcycle makers did not adopt voluntary emissions standards? Should they have done so? Why or why not?
Suppose that the Thai Baht is trading for $0.02, inflation in the US is 3% and inflation in Thailand is 1%. What must happen to the exchange rate in order for the purchasing power parity condition to hold?
What is likely to happen to the supply of any good when a price ceiling is imposed?
There is the long debate on the Frisch-Elasticity being the driver of unemployment over the business cycle. Women have a bigger elasticity than men, yet their employment fluctuates less over the business cycle.
Some city governments require that all city employees live within the city limits. What impact does this have on the elasticity of supply and or demand for employees of a city with such a requirement?
Participate in a discussion with your classmates regarding where you see the U.S. economy in its business cycle right now, as based on the economic concepts in the textbook. Now that we learned that the real business cycle results from fluctuations i..
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