Econ 301 – F07 answers to problem set 1 due in class on Tuesday September 11 WissinkEcon 301 – F07 answers to problem set 1 due in class on Tuesday September 11 Wissink
Each country has 120 hours of labor available, which can be allocated between the two activities. Labor can not go from one country to the other but coffee and leather can
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Tax incidence: the manner in which the burden of a tax is shared among participants in a marketTax incidence: the manner in which the burden of a tax is shared among participants in a market
If the government requires the buyer to pay a certain dollar amount for each unit of a good purchased, this will cause a decrease in demand
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Industrial Revolution, Page Does the \"New Economy\" Measure up to the Great Inventions of the Past?Industrial Revolution, Page Does the "New Economy" Measure up to the Great Inventions of the Past?
This research is supported by the National Science Foundation. I have benefitted from discussions on these topics with many people, especially Erik Brynjolfsson, Joel Mokyr, Jack Triplett, and the late Zvi Griliches
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Solved Review Questions From Past Exams For Exec. Mbas 1Solved Review Questions From Past Exams For Exec. Mbas 1
The first alternative gives him $10,000. The second alternative gives him $0 with probability 2/3 and $30,000 with probability 1 Suppose he decides to choose the first alternative. How would you characterize his attitude towards risk?
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Vocab. Supply Determinates of Supply Quantity Supplied Total Product Law of Supply Marginal Product Profit Fixed Cost Supply Schedule Law of Diminishing Returns Supply Curve Variable Cost Elasticity of Supply Total Cost Marginal Cost ReadingVocab. Supply Determinates of Supply Quantity Supplied Total Product Law of Supply Marginal Product Profit Fixed Cost Supply Schedule Law of Diminishing Returns Supply Curve Variable Cost Elasticity of Supply Total Cost Marginal Cost Reading
According to figure 1 on pg. 74, if the price of a car stereo changes from $200 to $300, how much will the quantity supplied change during a given month?
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Macroeconomics/Microeconomics Machine-graded Assessment Items Module: Supply and DemandMacroeconomics/Microeconomics Machine-graded Assessment Items Module: Supply and Demand
Machine-graded assessment question pools are provided for your reference and are organized by learning outcome
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The Roots of MacroeconomicsThe Roots of Macroeconomics
Macroeconomics focuses on the economy as a whole and in particular on the determinants of total national output. Microeconomics by contrast looks at the functioning of individual decision-making units like the household and the firm
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Daniel J. Hansen: Drug Policy: Why Legalization Should PrevailDaniel J. Hansen: Drug Policy: Why Legalization Should Prevail
Greenwald 2009, p. When economic theory, application, cost-benefit analysis, and historical proof are all considered, a preferred policy should prevail
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Crime and DrugsCrime and Drugs
Be sure you understand how a public good differs from private goods and how crime prevention is a public good. Also, be sure you understand that cost-benefit analysis is the appropriate tool that economists use to evaluate the effectiveness of any particular type
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Discuss the effectiveness of subsidies as a solution to market failure arising from positive externalitiesDiscuss the effectiveness of subsidies as a solution to market failure arising from positive externalities
Positive externalities are benefits of consumption or production to a third party. An example of this is education. Market failure arises from positive externalities because they are under consumed as the party does not understand it full benefits
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