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1. What law believes that law is simply the commands of the state backed up by force and punishments?
2. Which idea of law tries to go beyond just the words of law to examine what police, administrators, prosecutors, and judges are actually doing as they enforce, interpret, and apply laws?
3. What jurisprudence supports the idea that law can and should change to meet new developments in society?
When the price of an input decreases, the output effect (or real purchasing power effect) only predicts that, all else remaining constant,.... When the price of an input decreases, the substitution effect predicts that, all else remaining constant,....
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is −0.8; the cross-price elasticity for wine with respect to the price of beer is 0.9; What is the restaurant's profit (prior to the pri..
How could ABC use currency futures to hedge its position and what is the risk of hedging with currency futures.
According to the Keynesian view “Businesses will undertake all investment projects for which the expected rate of profit equals or exceeds the interest rate.” Explain what this means.
Suppose that the Home country in the two-sector (manufacturing and agriculture) specific-factors model has a comparative advantage in manufactured output. Which statement below best describes changes in returns on capital and land after trade occurs?
What advice for finding a job would you give someone who is frictionally unemployed? What advice would you give someone who is structurally unemployed? What advice would you give someone who is cyclically unemployed?
How will a tax of $5 per unit produced affect the short- and long-run marginal and average cost curves? What about an annual license fee of $500 per year regardless of production level? (Make sure you address all possible average costs—e.g., fixed, v..
specific examples of what would affect each, and a discussion of why it is more accurate to estimate both when trying to determine a country's economic success.
Consider the following production function f(k,l) = k^1/3 + l^1/3. Suppose the government taxes labor at by an amount t per unit of labor. Rewrite the long run cost function including the tax.
The main ideas of Keynesian economics are:
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. let's play a ..
Classical economic theory says there is a linkage between investment and savings. Explain the source of this linkage. What is the argument that says this link is not as strong as classical economists believe? (Hint: Differentiate between the parties ..
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