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Question - What is price floor? What is a price ceiling? According to economic models, will they work? What kinds of consequences will occur with them on markets?
Identify 4 threats caused by globalization. Explain how globalization affects the gross domestic product (GDP).Explain your thoughts on globalization in your own words (e.g., is it bad or good Why or why not Does it affect all countries).
What does this change show about how our understanding of the way the price system works to allocate resources has evolved? If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and ..
How would you distinguish between "pure'' autocorrelation and speci?- cation bias?
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
How is the fact that more low-income families are sending daughters, rather than sons, to college likely to affect the female income gap in the future? Why do you think economist argue that the female wage gap will not entirely disappear unless women..
Talk about alternative definition of poverty. How is poverty defined in a developing country
Explain what is referred to as ‘Walrasian economics', its developed role in economic theory and pedagogy, and its likely prospects for providing satisfactory explanation of economic realities.
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
Select the scenarios that result in lower prices if they were to occur in isolation? If the price of substitute increased the result would be __________ prices, and we would say__________. Consumers can make costly mistakes when not enough informatio..
A monopolist is currently hiring 5,000 units of labor. At this level, the marginal revenue of output is $10, the (fixed) wage rate is $300, and the marginal product of labor is 50. In order to maximize profit, the firm must
Suppose a union and an employer start to negotiate on January 1, 1998 over wages to be paid for the year 1998. There will be 50 paid weeks in the year, Find the Nash bargaining solution for this situation
Draw the demand curve for a firm under perfect competition. Would the demand curve change when market price changes? Explain.
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