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In the Middle Ages, goldsmiths took in customers' deposits (gold coins) and issued receipts that functioned much like checks do today. People used the receipts as a medium of exchange. Goldsmiths also issued loans by writing additional receipts against which they were holding no gold to borrowers. Were goldsmiths engaging in fractional reserve banking? Why do you think that customers turned their gold over to goldsmiths? Who benefited from the goldsmiths' action? Why did such a system generally work? When would it have been likely to fail?
If the demand for corn rise due to its use as an alternative energy source, what will happen to supply of corn's substitute such as soybean?
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
Looking at the chart below, suggest the kinds of variables that could be used to represent the following factors, which are believed to affect the demand for any product. Determinants of Demand Suggested Variables to
Explain the price elasticity of demand in each market structure and its effect on pricing of its products in each market. The four market structures are monopoly, Perfect competition, oligopoly, and monopolistic competition.
Firms in a competitive market are unable to dictate the price for which they sell an item for and over a long period of time will be unable to make an economic profit.
When te price of milk increases from $2.35 to $2.50 per gallon, the quanitity demanded falls from 100 gallons to 90 gallons. When the price of paperback books fall from $7.00 to $6.50, the quantity demanded rises from 100 to 150.When the rent on apar..
The minimum acceptable price for a product that producer Sam is willing to receive is $15. It is $12 for producer Sue. The market price they could get for the product is $18. What is the amount of the producer surplus for Sam and Sue combined
Compare and contrast the free market systems with planned economies. Determine the benefits and drawbacks of each. Analyze the different ways to evaluate economic performance and determine which provides the best assessment of the economy.
draw a simple circular flow diagram with just firms:downstream firms that product final goods and services for consumption, and upstream in production only intermediate goods that are used by downstream firms in production.
a. Anticipated changes in aggregate demand effect only the price level; they have no effect on real output. b. downward wage inflexability means that declines in aggregate demand can cause long lasting recession. c. Changes in money supply M increas..
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
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