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ECON 225 Microeconomics Homework

Question # 00601064
Subject: Economics
Topic: Microeconomics
Due on: 10/09/2017
Posted On: 10/09/2017 06:41 AM

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1. Consider a nation with a large economy like the United States and a nation with a small economy like the Dominican Republic. How can the United States, with absolute advantage in production of almost all goods, benefit from trade with the Dominican Republic?

2. If a minimum wage of $8 exists in this market, what is the impact on the market? Who are the winners and losers of the minimum wage?

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5. You and your roommate are taking the same economics class. When it comes to doing homework assignments, your roommate draws beautifully precise graphs, while you are an extremely fast typist. Therefore, you and your roommate work on the assignments together. Which of the 12 principles is at work here?

6.Explain why economists believe that in reality production possibility frontiers have a bowed-out curvature, rather than a straight line.

7.Many college freshmen describe themselves as “pre-med” but a very small percentage of these freshmen will ever attend medical school. After the first course in biology or chemistry, many decide to major in something other than the natural sciences. Which of the 12 principles is at work here?

8.How would each of the following events affect the demand for new textbooks?

a)The price of a used textbook rises.

b)The price of college tuition rises.

c)More high school graduates decided to attend college.

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ECON 225 Microeconomics Homework

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