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Q. Budget constraint: Prices, income and government restrictions limit a consumer's ability to make purchases. Various possible bundles of goods given their income, which limits amount of goods they can purchase. Preference Consumers always choose goods which give most pleasure. So how do we measure about pleasure? And how do we rank goods?
According to comparative advantage, in which industries would you recommend the country to specialize. Has the country specialized in your suggested industries.
Explain how, with trade, Nebraska can wind up with 40 million bushels of wheat and 120 bushels of corn while Iowa can wind up with 40 million bushels of corn and 120 million bushels of wheat.
Distinguish between the resources market and the product market in the circular flow model.
Explain how does the empirical rule help to explain the ways in which values in a set of numerical data cluster and distribute.
Please try to come up with real examples: it's not enough to say which savings account decreased.
Suppose which in the 1990s, the average retail price of a roll of Kodak film was $6.95 also which Kodak's marginal cost was $3.475 per roll.
The quantity of pizzas demanded soared the following week from 1 pie an hour to 100 pies an hour. Illustrate what was price elasticity of demand for Domino's pizza.
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil
Economists look at the differences between the short run and the long run in macroeconomics. Explain how might knowing this affect you as the manager of a large firm.
The Australian government administers two programs that affect the market for cigarettes
Explain what is the maximum amount of new loans that this bank can make. Show in column 1 how the bank's balance sheet will appear after the bank has lent this additional amount.
Both wealth and poor people consume some health care. For the sake of this question, assume that all people pay the same price for healthcare, and all other goods.
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