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A) Will Markets (i.e., the Invisible Hand) answer the question correctly of how many McDonald's double cheeseburgers should be produced in the U.S. per month? Explain. B) the same question concerning how those double cheese burgers are produced? C) And the same question of who gets those double cheeseburgers?

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019

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Related questions

The Invisible Hand Theorem states that the market system will generally answer which of the following question(s) correctly?

A.

For whom to produce?

B.

How to produce?

C.

What to produce?

D.

B and C are both correct.


Price Quantity Supplied Quantity Demanded

(dollars per pound) (thousands of poundsper year) (thousands of pounds per year)

21 120 60

18 100 100

15 80 140

12 60 180

9 40 220

1) The United States imports cheese from a variety of countries.The table above gives the domestic supply
of, and demand for, cheese in the United States. The world price ofcheese is $12 per pound, and trade is
unrestricted.
a) How many pounds of cheese are consumed in the UnitedStates?
b) How many pounds of cheese are produced in the UnitedStates?
c) How many pounds of cheese are imported into the UnitedStates?
If a $3 per pound tariff is imposed,
d) How many pounds of cheese are consumed in the UnitedStates?
e ) How many pounds of cheese are produced in the UnitedStates?
f) How many pounds of cheese are imported into the UnitedStates?
g) How much will the U.S. government collect in tariffrevenue?
h) Who benefits from the tariff? Who loses

Macroeconomics Module 1 Homework Assignment – McDonald’s

25 points

Watch the video Minimum Wage Backfire: McDonald's Goes Touchscreen, and answer the following questions. Please limit your answers to 4-5 sentences, one paragraph for each question, maximum.

How is McDonald’s considering the concepts of opportunity costs and benefits in its analysis of minimum wages?

Considering McDonald’s use of technology in this example, explain the concept of the fundamental questions, “How will the goods be produced?” and “How will the system accommodate change and promote progress?”

Without the change in technology, ceteris paribus, what would be the effect of an increase in wages on equilibrium price and quantity of McDonald’s burgers? What would happen to equilibrium prices and quantity, ceteris paribus, if technology does replace many workers, according to the expectations of the industry as indicated in this video?

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