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1. "[An economist] is someone who knows the price of everything and the value of nothing." (Adapted from George Bernard Shaw.) Discuss.
2. Coffee beans cost only a few cents when imported. But to buy a coffee at a coffee bar costs far more. What does this tell you about value added?
3. Try to explain to someone who had never thought about measuring the value of economic activity why the output, income, and expenditure ways of measuring national pro- duction should give the same answer. It helps to think of a simple economy producing only two or three different things.
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
briefly discuss the economic political educational family and marital systems of a country of your choice. include a
Sketch the supply and demand for emission permits. I'm not providing you with any information on demand, so just sketch any reasonable demand curve.
a countrys culture reflects and shapes its values and each country adopts laws that reflect their prevailing ethical
The utility function of a consumer is given by U = log(b) + log(c) where b and c are the consumption levels of barley and corn. Assume that the price for both goods is $1 and that the consumer has an income of $100. Assume that the government introdu..
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents? Explain, distinguishing between the short run and the long ..
you have 10000 and your goal is to save as much money in five years in order to make a downpayment for a house. create
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use the data below to answer the following questionsinterest ratesupply of loanable fundsmillions investment demanded
Someone say that capitalism is designed to create the rich richer and poor poorer. Enron raised benefits from 96 to 99 for yearly report purposes,
Jake and Paul run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is Q = 4 K^0.75 L^0.25, where Q is the number of reams produced, K is the quantity of ca..
The owner of Michaels Prints a firm that prints business cards tell you that as a result of an increase in the wage rate of printer operators he has reduced the amount of output he produces and the amount of capital he uses how should you respond
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