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Labor hours required to produce one unit of cloth in the united kingdom is 6. The labor hours required to produce one unit of cloth in the united states is 5. Which country has an absolute advantage of producint wheat? In producing cloth?
The market for hog hats is competitive and demand is given through P=75-Q while supply is given by P=15+2Q. Determine the equilibrium price and quantity in this market?
If the price of a good increases by 8% and the quantity demanded decreases by 12%, what is the price elasticity of demand?is it elastic, inelastic or unitary elastic?
Inverse demand for a monopolist's product is given by P=300-6Q while the monopolist's marginal cost is given by MC=3Q. What is the profit-maximizing price for this monopolist?
Consider two economies, one with a relatively flat aggregate supply curve and one with a relatively steep aggregate supply curve. In which economy will the governement have more succes in raising GDP by increasing its spending? What factors do you..
Using algebra find out the effects of this change in cost on profit maximizing output and the optimal profit.
The country of Arkanslavia had money supplies of 183 million arkollars in 2010 and 644 million in 2011. They have real output of 791 arkollars in both years.
Suppose that the Fed's inflation target is 2 percent, potential output growth is 3.5 percent, and velocity is a function of how much the interest rate differs from 5 percent: %?V - 0.5 Ã (i - 5) Suppose that a model of the economy suggests
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
Illustrate what does empirical evidence on the U.S. experience with the Earned Income Tax Credit predict will be the effect of the new policy.
Julie wins a $15 million lottery payable over 30 years. In years 1 through 4, she receives annual installments of $500,000. At the beginning of year 5, Julie sells her right to receive the remaining
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion i..
Describe the benefits and costs of such a sweeping trade agreement. Consider the various countries involved (you do not have to look at all of them!) and what it means for first and third world nations to join in such an agreement.
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