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Suppose the price of good x rises by 13% leading to a 11% increase in the demand for good y. Calculate the cross elasticity of demand between goods x and y and determine whether they are substitutes or complements.
Positive externalities create ________ spillover ___________. The result is that the __________ benefit of production/consumption is greater than the __________ benefit. External benefits might be in the form of lower __________ for other parties or __________ revenues/profits for other parties.
1) Differentiate between signaling theory and human capital theory and argue for or against each theory?
Per capita real GDP is an indicator to measure welfare. However, it has important limitations to measure welfare. Briefly discuss some of these limitations while using Per capita real GDP as a measure of welfare
Describe some of the trade-offs faced by A recent college undergraduate deciding whether to go to graduate school
Is it a positive or normative statement that Society faces a short run tradeoff between inlation and unemployment
Generate a PPF graph for a society that has production sectors of potatoes and diamonds and show the following changes to your original PPF. Show the effect of the introduction of a new improved fertilizer on your societies PPF.
What happens to the price if the demand for fresh tomatoes increases while the supply remains constant
What happens to the price if the supply of butter falls and the demand remains constant
1) Give an example of adverse selection and moral hazard challenges in your home town and suggest policy intervention to address the problem?
