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Output as Value Added
Consider an economy with three productive sectors: mining and farming; manufacturing; and retailing. Manufacturers produce goods each year with a sale value of 500. They sell 400 to retailers and 100 direct to the private sector and to government for consumption. Retailers buy goods for 400 from manufacturers and buy 50 from the agricultural sector. Retailers sell goods for consumption for 500. Manufacturers buy goods worth 200 from mining and agricultural firms. Farmers also sell 100 direct to the private sector for consumption. Mining companies sell nothing directly to government or households for consumption. What is value added in each sector and what is total output for the economy?
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
Compute the total fixed costs, total variable costs, average fixed costs.
Explain how is it that monetary policy, such as open market operations.
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
E;lucidate whether each among the subsiquent is an example of an automatic fiscal stabilizer.
Explain how would the edgeworth box change. How would the production possibilities frontier change as a result
Does not economic growth and the innovation that generates it, produce more and more substitutes or new discoveries of reserves
Illustrate what fiscal policies are needed to fight unemployment
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