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Use examples to distinguish between the resource market and the product market in the circular flow model. As we read this unit, how does the circular flow model illustrate how our economy works? How does the circular flow model work? What are the two flows in the circular flow model? What does your household do with its resources and with its income? How does your household interact in the resource and product markets? In what way is your household both a buyer and a seller in this model?
A firm pays a wage of $40 per hour to 25 unskilled workers, $60 to semi-skilled workers, and $80 to 10 skilled workers. Find the weighted average wage paid by the firm.
In the market of identical firms, the market demand function is Q=1000-1000P. The marginal cost is the same for all firms, mc=0.28. Characterize what is the firm’s optimal output and price when there is a single firm in the market. Characterize what ..
A low - cost noncontact temperature measuring tool may be able to identify railroad car wheels that are in need of repair long before costly structural failure occurs. If the BNSF railroad saves 100,000 in year 1, $110,000 in year 2, and amounts incr..
In the long run the interest rate adjusts to adjusts to balance the supply and demand for loanable funds. In the short run, the interest rate adjusts to balance the supply and demand for money. Discuss.
Last week, Weschler Paint Corp. completed a 4-for-1 stock split. Immediately prior to the split, its stock sold for $190 per share. The firm's total market value was unchanged by the split. Other things held constant, what is the best estimate of the..
the most important contributor to increases in the productivity of Americans labor over the 1929-2000 period was Illustrate what.
Using any relevant information below, calculate GDP via the expenditure approach. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increa..
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the yea..
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
Explain the concept of liability of foreignness, and discuss how it might affect the balance between the costs and benefits of international diversification.
Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.
US Airways owns a piece of land near the Pittsburgh International Airport. The land originally cost US Airways $375,000. The airline is considering building a new training center on this land. US Airways determined that the proposal to build the new ..
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