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an economist might say that collage and universatys "produce" education, using facilty members and students as inputs. According to this line of reasoning, education is then "consumed" by house holds. Construct a circular-flow diagram like the one found in this chapter to represent the sector of the economy devoted to collage education: collages and universities represent firms, and house holds both consume education and provide facilty and students to universities. What are the relevant markets in this model? What is being bought and sold in each direction? what would happen in the model if the government decided to subsidize 50% of all collage students tuition?
The table below shows the marginal utility a costumer would get by purchasing various quantities-What combination of the three products should be purchased in order to maximize utility?
Discuss how conservatives, liberals and radicals explain the causes of and solutions to poverty. what evidence do they use to support their view.
Let a company's demand be given by: Q=100-P. Let company's marginal cost be $2 per unit of production. Solve for the firm's marginal revenue equation and optimal output or price combination.
Indicate whether each of the following statements is true or false and explain why.
At some universities and colleges, economics professors earn hugh salaries than professors in some other fields.
The government levies an excise tax of 5 cents per unit sold on the sellers in a competitive industry. Both supply and demand curves comprise some elasticity with respect to price.
Huntington suggests that the emerging global economy will increasingly be faced with violent clashes between civilizations. Elucidate what Huntington means by the term civilization and why such clashes may be expected.
Stating curves so that the quantity demanded & quantity supplied are both functions of price, putting value on horizontal axis. There is more than one demand curve, but all have a slope of -5.
during the last ten years Orlando, Florida grew rapidly, with new jobs luring young people to the area. Despite increases in population and income growth that expanded demand for housing, the price of existing houses barely increased, why
Suppose we have a competitive market for a good with domestic demand and supply given by:
If the Fed didn't change the money supply, what would happen to the interest rate and if the Fed wanted to keep the interest rate constant following this money demand shock, how would it change the money supply?
Assume the rural wage is $1 per day. Urban modern sector employment can be obtained.
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