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Question: From earlier chapters you will recall that technological change shifts the average cost curves. Draw a graph showing how technological change could influence intra-industry trade.
Microeconomics, Economics
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Question: Since we are at full employment, draw a AS-AD graph showing us at full employment. Be sure to label everything. a. Now suppose oil prices double over the next 12 months. Draw and label the impact of the change ...
Question: Compare two cars A and B. The initial cost of Car A is $500 more than Car B. However Car A consumes 0.01 less gallons/mile compared to B. Given that B's salvage value is $100 smaller than A's after an expected ...
Question: Following the first energy shock in 1973, when oil prices rose $10/bbl, the rate of inflation averaged 8% for the next five years. Following the second energy shock in 1979, when oil prices rose more than $20/b ...
Question: Four students from your economics class are sitting in a local restaurant discussing the market for coffee. Below are quotes from each of the four students. All of the following quotes are logically correct exc ...
Question: In another economy consumer 1 has no x and 8 units of y and the utility fucntion U(x,y) = x - (1/4)y 2 . Consumer 2 has 16 units of x and 8 units of y and the utility function U(x,y) = x +2y (1/2) . Describe th ...
Question: Every year you deposit exist7,200 into an account that earns 4.5% interest per year. What will be the balance of your account immediately after the 14th deposit? (Enter your answer as a number without the dolla ...
Question: Describe a situation that you have seen that would be appropriately modeled using simulation. Explain why modeling using simulation would be appropriate. The response must be typed, single spaced, must be in ti ...
Question: Suppose the production function is Q = K 1/2 L 1/2 . Assume K = 16 and L-4. What is the total output? What is the average product of capital? What is the average product of labor? What is the marginal product o ...
Question: A region is in the middle of a very cold and snowy winter. As a result, hot chocolate has become more desirable, and many of the shipping channels for imported goods have closed due to the weather. What will ha ...
Question: Imagine you were hired to be an economic advisor to President Trump. Recently Mr. Trump announced that he will be able to boost GDP growth to 4%. Using what you have learned from the Solow Growth Model, explain ...
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