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The discussion of the multiplier in the last chapter shows how a change in autonomous spending increases real GDP by a multiple of itself. For example it the multiplier is 4 and the change in autonomous spending is $100, and then the real GDP is $400. What does complete crowding out imply about the value
Explain how are money cost and opportunity cost related to each other. If markets function well, they are closely related. They are always identical in any economic system.
Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated?
Once Bitten Corp. uses no debt. The weighted average cost of capital is 8.4 percent. If the current market value of the equity is $29 million and there are no taxes, what is EBIT? (Do not round intermediate calculations. Enter your answer in dollars,..
An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours.
Assume to the firms act independently as in the Cournot model. Determine the long run equilibrium output also selling price for each firm.
Bernice’s preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1), and her income is $12. If prices change to ($3, $1), the compensating variation
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
Which of the following always decreases as output increases? The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor..
A Spanish can either produce 3 liters of win or 1 kilos of cheese. A Portuguese worker can either produce 4 litres of win or 12 kilos of cheese 1) Which countries have absolute advantages in which goods? Explain 2) Which countries have comparative ad..
The marketplace demand for a type of carpet produced by a monopolist known as KP-7 has been estimated
How many acres should John choose to mow in order to maximize profit. Prevailing market price of lawn mowing is $20 per acre.
The World Bank is considering an application from the country of Equatoria for a large dam project.It is also possible that the new lake area may contribute to the spread of water-borne diseases.
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