Question Description Hello! I have attached Week 6 and Week 7 power points please cite each answer with the slide # Questions for Week 6 Describe the purpose of maintaining the independence of the Federal reserve system. Describe the organizational structure of the federal reserve system. Who comprises the federal...
Question Description As an engaged citizen, how do you think we should tackle the problem of providing access to clean water within our communities? Before you begin it is always a good idea to review the rubric. Within your discussion, be sure to use economic reasoning to explain/support...
Question Description 1. Read the article “glass steagall reading.pdf”. Note that this was written in 1995, but it provides a good discussion of the Glass-Steagall Act and explains the concerns that people had (which ultimately led to the act being repealed in 1999). Answer the questions...
Question Description Labor and Wages The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. Units of Labor Total Output Product Price 1 14 $5 2 26 $5 3 37 $5 4 46 $5 5 53 $5 6 58 $5 a.How many units of labor would be employed if the market wage rate were $40? Why? b.What would happen to employment if...
Question Description Externalities are costs or benefits associated with consumption or production that are not incurred by the consumer or producer and are therefore not reflected in market prices. The cost or benefit of an externality remains external when falling to parties other than the buyer...
Question Description The price elasticity of demand is people’s responsiveness of quantity demanded (or consumption) when there is a change in price. Respond to the following: Identify the determinants of the price elasticity of demand. Explain each one. Determine whether each of the following items is elastic or inelastic:...
Question Description Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than Water? (Links to an external site.), as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between...
Question Description Profit-maximizing firms will hire additional units of a resource up to the point at which the marginal revenue product (MRP) of the resource equals its price. With multiple inputs, firms will expand their use of each until the marginal product divided by the price...
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Question Description The components of each of the three market structures (monopolistic competition, oligopoly, and monopoly) are instrumental in determining and limiting the strategies that individual firms can successfully implement. For example, an industry that is a natural monopoly will not have to make as many...