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1. Refer to the data in the file "asm2Q1.xls" on the annual number of fatalities (FATALS, y ) from gas and dust explosion in coal mines for the years 1915 to 1978 and the number o
What is a negative externality?
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
Consider a consumer with the following Cobb-Douglass utility function: U (x, y) = x α y 1-α a) Find the Marshallian Demand for both goods. b) Find the Price Elasticit
i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man
When measuring price levels in the economy (such as when calculating the CPI index), why is a weighted average used? Because we require giving greater emphasis to prices at whi
Implementation of economic policy: On the ability of civil servants and Government to learn, Government must possess the following qualities to ensure implementation of econom
What two measures have been developed in recent years that subtract for the depreciation of both manufactured capital and natural capital? The environmentally adjusted Net Dome
Describe the poverty cycle and suggest how a developing country can break the cycle. The poverty cycle is explained as the trap developing countries can land in; low incomes →
In 1939 the U.S. economy was operating where in the production possibility curve?
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