Suppose that a firm incuts total cost of 974

Suppose that a firm incurs a total cost of $974 when it produces 10 units and a total cost of $1,060 when it produces 11 units. It can be concluded that the marginal cost of producing the eleventh unit is

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Suppose that a firm incuts total cost of 974

Suppose that a firm incurs a total cost of $974 when it produces 10 units and a total cost of $1,060 when it produces 11 units. It can be concluded that the marginal cost of producing the eleventh unit is

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Introduction to economic growth and instability Quiz

21. The type of unemployment associated with recessions is called:   A) frictional unemployment.   B) structural unemployment.   C) cyclical unemployment.   D) seasonal unemployment.     GDP gap; Okun’s law     22. The GDP gap measures the difference between:   A) NDP and GDP.   B) NI and PI.   C) actual […]

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Historical Paper 500 words with 1 source

Historically, four (4) social revolutions have occurred as a result of new technologies; identify the technologies which led to these social changes and explain the consequences of each of these technologies. Then identify and explain the three (3) processes of social change according to William Ogburn and provide one (1) example of each process.    […]

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Introduction to economic growth and instability

1. Economic growth is best defined as an increase in:   A) either real GDP or real GDP per capita.   B) nominal GDP.   C) total consumption expenditures.   D) wealth in the economy.     2. Real GDP per capita is found by:   A) adding real GDP and population.   B) subtracting […]

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Unit 5 Oligopolies and Monopolistic Competition

In a 2009 Newsweek article, The 50 Most Powerful People List, there are 3 bankers who are listed as the 4th, 5th, and 6th most powerful people in the world. Read the following article on the “Economic Triumvirate”: Downloadable pdf version: The Global Elite: Economic Triumvirate, or go to http://www.newsweek.com/id/176288 Explain why these 3 men […]

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MT445 Managerial Economics

5.   (Micro versus Macro) Determine whether each of the following is primarily a microeconomic or a macroeconomic issue: a.  What price to charge for an automobile b.  Measuring the impact of tax policies on total consumer spending in the economy c.  A household’s decisions about what to buy A worker’s decision regarding how much to […]

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Historical Paper 500 words with 1 source

Historically, four (4) social revolutions have occurred as a result of new technologies; identify the technologies which led to these social changes and explain the consequences of each of these technologies. Then identify and explain the three (3) processes of social change according to William Ogburn and provide one (1) example of each process.    […]

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Fiscal policy is carried out primarily by

1. Fiscal policy is carried out primarily by:   A) the Federal government.   B) state and local governments working together.   C) state governments alone.   D) local governments alone.     2. Countercyclical discretionary fiscal policy calls for:   A) surpluses during recessions and deficits during periods of demand-pull inflation.   B) deficits […]

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ANSWERS TO ENDOFCHAPTER QUESTIONS

Why is the aggregate demand curve downsloping?  Specify how your explanation differs from the explanation for the downsloping demand curve for a single product.  What role does the multiplier play in shifts of the aggregate demand curve?   Distinguish between “real-balances effect” and “wealth effect,” as the terms are used in this chapter.  How does […]

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