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What are the differences in the two economies (north and south Korea) and detailing economic policies in these two economies that account for the differences?
A newspaper recently lowered its price from $0.50 to $0.30. As it did, the number of newspapers it sold increased from 240,000 to 280,000. What was the degree of elasticity for the newspaper? Suppose that at a price of $55, 100 units were sold while ..
The ______________ effect helps explain why an increase in the price level causes a decrease in real gross domestic product.
Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in..
For the production function q= k^0.25 l^0.25. Find total cost function C(w,r;q). Show that it is homogeneous of degree one in input prices and explain the intuition behind this property. Find the profit function?(w,r,p). Show that it is homogeneous o..
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
If a monopolist produces to a point at which marginal revenue is less than marginal cost then. The conclusion that a monopoly results in lower output and higher prices than perfect competition relies on the assumption that.
Elucidate an example of a microeconomic and macroeconomic phenomenon. Would you give an example of a microeconomic decision you have made at home or work.
How to calculate supply and demand using surveys and statistical methods; changes in the supply and demand framework that have impacted the healthcare market; changes in supply and demand curves including graphical representations of such changes; an..
Give an example of a situation that causes a Bigtable tablet server to shut down. Why must the server shut down in this situation?
Equilibrium exists where the price level is 1.25 and the money supply equals 21 billion. What is a new possible equilibrium when the Federal Reserve buys some government bonds?
What price does this firm charge its customers - by what factor does this firm mark up its price over marginal cost and What happens to the optimal contract length when the marginal cost of writing a contract declines?
if income were hypothetically $0 aggregate expenditures would be $2,500. What is the marginal propensity to expend?
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