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Use your own words to explain the idea of equilibrium in the income-expenditure model. As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on production in the next period.
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
What are the marginal rates of substitution for each person and what is the formula for the contract curve and draw an Edgeworth box, labeling carefully, and indicate the contract curve.
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
What is the change in the number of unemployed people in this particular month and what is the change in the number of employed people in the same period?
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
Even before the metals and manufacturing companies described earlier, U.S. railroads in the nineteenth century were M-form organizations based on geography. Why might a large railroad be better organized as M-form than U-form?
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
Discuss the relationship between shoe brands P and N, and also the type of good that shoes P can be classified as and discuss the meaning of R-square and the t-value for the parameter estimate on the Pp and PN.
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
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