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In the 2000's what were the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the trade barriers used?
If price controls are initiated, we would expect that
Two Cournot competitiors, Nick Limited(firm 1) and Junior LLC(firm 2), face an inverse demand curve p = 400 - 2q in the market (q = q1 + q2). Both producers have a marginal cost of $10 per unit. What is the reaction function for Nick Limited? How man..
Suppose that when the price of shoes increases by 5%, the quantity demanded for socks decreases by 10% and the quantity demanded of sandals increases by 4%. What is the cross-price elasticity of socks with respect to shoes? Are shoes and socks relate..
Is the idea of demand useful in healthcare, given the important role of agents? Should medical services be free? Justify your answer. Why might a consumer be “rationally ignorant” about the proper therapy for gallstones? Why do demand curves slope do..
Assume that if the labor market is unregulated, the equilibrium wage for workers who do not have high school education is $5.00 an hour. Assume that the government imposes a minimum wage of $6.00 an hour. Draw a supply-demand diagram that shows what ..
In our society, goods and services are allocated primarily based on
Which of the following is an example of price discrimination?
Admiralty law the law that deals with controversies arising on navigable waters used a rough-and-ready method of dealing with the problem of the administrative costs of comparative negligence. Rather than try to fine-tune the degrees of culpability b..
Find one video or cartoon example of one of these fallacies on the Web. The example must take the form of a video/cartoon (check out YouTube, for instance, or search for the fallacies in cartoon banks). The Cartoon Network, Family Guy, Stephen Colber..
You put $20,000 on deposit on your 30th birthday at 5% compounded annually. On your 40th birthday, the account begins earning 6%. Then on your 50th birthday, it begins earning 7%. You plan to withdraw equal annual amounts on your 61st, 62nd, . . . , ..
In July 2012, the six adult cast members of the hit TV show Modem family filed a joint law suit against Twenty century fox Television in an attempt to vid their contracts. The lawsuit claimed that their contracts were illegal, in that the contracts b..
The success or failure of economic policy with regard to the twin goals may be measured by the
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