Answer:
does not achieve a mutually beneficial equilibrium because there is a lack of coordination of the actions of people and businesses
Explanation:
From the question, we are informed about Craig and Kris who were walking directly toward each other in a congested store aisle. Craig moved to his left to avoid Kris, and at the same time Kris moved to his right to avoid Craig. They bumped into each other. This example illustrates the concept of coordination failure and in this case, This idea relates to macroeconomic instability because the economy does not achieve a mutually beneficial equilibrium because there is a lack of coordination of the actions of people and businesses. Coordination failure can be regarded as failure that takes place as a result of group of firms want to achieve a more desirable equilibrium, but resulted to failure as a result of their decision making not been coordinated
$73,000x8.5%=$6,205 for one year
I believe you are looking for either this number or $6,205x8?
$49,640 for 8 years
I cannot write the entire essay for you, but here are some differences:
Command Economy: production and prices are controlled by the government
In a free market, consumers' demand determine what is/should be made and how much to charge.
If the world price increases relative to domestic prices, there will be fewer imports and increased exports of the given product because it would be cheaper to buy the domestic version and companies would make more selling the product on the international market.
