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According to By the Numbers, approximately when was the last time the United States had a trade surplus? As a percentage of GDP, what was the highest trade surplus the United States has achieved? What was the highest trade deficit the United States has achieved? (Coremicroeconomics chapter 16, question 18)
If neither signs, both receive a because the professor does not have sufficient evidence to prove cheating. Draw the payoff matrix. Which outcome do you expect? Why?
Use your own example in order to illustrate these concepts. Can the marginal utility from a product be negative? If yes, give an example.
Assume which the mix of fiscal and monetary policies is changed such which the money supply is increased by 100 while the government.
Why do marginal costs first fall and then begin to rise? Why are marginal costs important to a firm when making decisions to increase or decrease production?
The supply of urban land increases in response to increases in demand. Most economists think rent should be abolished. Pierre-Joseph Proudhon and Henry George took similar stands on rent. Economic rent is the payment above the minimum necessary to at..
Transaction cost is:
Assume your elasticity of demand for your parking spaces is -0.5 and price is $20 every day. If your MC is 0 and your capacity at 9 a.m. is 96% full over the last month are you optimizing.
"Suppose that a worker in Larztopia can produce either 8 lattes or 2 pizzas per day, while a worker in Whiteland can produce 4 lattes or 8 pizzas per day. Each nation has 100 workers. Also suppose that each country completely specializes in producing..
Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?
The Babylonians studied problems which lead to simultaneous linear equations and some of these are preserved in clay tablets which survive. For example a tablet dating from around 300 BC contains the following problem:
The physician's office charges you a nonrefundable fee of $50 for the missed appointment, which cannot be applied to a future appointment. How much should you now be willing to spend for a new appointment? $50 $120 $0
Neoclassical economics assumes rational behavior from actors (consumers and suppliers) as well as profit maximizing behavior. These assumptions make sense (do we want to assume people are irrational - how do you study that) but are they real.
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