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Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
If the economy is experiencing inflation, then the most appropriate government policy would be to:
Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? What is Marginal Analysis ? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis ?
taxicab fares in most cities are regulated. several years ago taxicab drivers in boston obtained permission to raise
you are starting your own internet business.nbspyou decide to form a company that will sell cookbooks online.
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
suppose mpc is 0.8 initially. households then change their behavior so that the mpc falls to 0.75. what happens to
1. a positive statement is one which isderived by induction. derived by deduction. subjective and is based on
list and briefly describe the three primary tools the fed has to control the money supply and how all three can
What is the velocity of money (V) and the price level (P) consistent with the quantity equation?
Consider the role the U.S. government has taken in the regulation of banks, as well as the history of major banking regulations, and predict the next major regulatory move by the U.S. government. Explain your rationale.
Is accounting profit equal to the difference between receipts and payments. Economic profit is the difference between receipts and the values of all factors of production? Explain.
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