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Arista always spends 30% of her income on whozits. Assume that her income increases by some percentage while the price of whozits remains constant (and that all whozits cost the same). What is her income elasticity of demand for whozits?
What is the best practices frontier? How does this relate to competitive advantage? Explain why rent seeking competition tends to dissipate rents-to drive them down so that there are no abnormal rents?
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. What ..
hat is American's MRTS between K and L? MRTS between K and F. Should American try to ensure that all its MRTSs are equal. Explain what does American's production function exhibit constant, increasing, or decreasing returns to scale.
Organizational behavior-A strong social and physical work context means that environment is supportive. Give real examples of how this works.
Economists oppose limiting economic growth possibilities because such limits would inevitably involve
The company you work for asks you to recommend whether their Mercedes truck should be replaced now or kept in service for an additional 10 years.
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to lawyers' wages? How doe..
Using the aggregate demand-aggregate supply diagram, explain the impact of an appreciation of the U.S. dollar on the price level and real income in the short run.
Illustrate what principles should guide policy makers. Should they cut spending and raise taxes to reduce the national debt over time. Or does the level of the national debt really matter.
Briefly discuss the differences between the Ricardian Theory, Specific Factors Model and Heckscher-Ohlin Theory of Trade.
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model.
Analyze the effect of both a bad weather and the rumors od a deadly disease in the consumption of rice?
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