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1. What is the difference between general and specific knowledge? How can specific knowledge motivate the use of decentralized decision making?
2. Evaluate the following statement:
Using free markets and the price system always results in a more efficient resource allocation than central planning. Just look at what happened in Eastern Europe.
1. The accompanying table shows a car manufacturer's total cost of producing cars.
The CEO of a major automaker overheard on of its division managers make the following statement regarding the firm's production plans: "In order to maximize profits, it is essential that we operate at the minimum point of our average total cost cu..
What is the relationship between successful supply side policies and un employment in (i) the short run and (ii) the long run, according to (a) Keynesian and(b) Monetarist assumption?
American Linen is a company that has multiple salespersons. In 2008, it changed the compensation method for its sales force, moving from a system of fixed wages to one of base wage plus charge.
1.For what reasons might GDP be a poor indicator of (i) The level of development of a country; (ii) Its rate of economic development?
Find the equilibrium price and quantity if income increases to 150. Show the change in equilibrium using a standard supply and demand graph.
Why do you think RCIPA serves as an intermediary between BCBS and the doctors who care for BCBS's clients? Why would BCBS risk paying "too much" for the medical care of their customers?
What is Good hart's law? How is it relevant to(a) Monetary policy; (b) Using assignment grades to assess a student's ability; (c) Paying workers according to the amount of output they produce;(d) Awarding local authority contracts to cleaning or refu..
Assume that everything except cigarette prices remained the same. Calculate the arc price elasticity among teens between these price points.
The overall balance of payments must always balance. If this is the case, 1.why might a deficit on one part of the balance of payments is seen as a problem?
1.Why do marginal cost curves intersect both the average variable cost curve and the average cost curve at their lowest point?
Assume your firm's method of making decisions under risk is "making the best out of the worst possible outcome" What rule would you be forced to follow?
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