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After graduating from HS, Ron plans to go to college. The college tuition is 15,000 a yr. But instead of going to college Ron can take a full time job that pays 20,000. If Ron decides to go to college
Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or i
When deciding how much of their income to save for retirement, should workers consider the real or the nominal interest rate that their savings will earn? Explain.
MPS= 40 with no government and no foreign trade a 10 billion dollar increase in investment will enventually result in an increase in consumption or spending and how much?
Does farming in the United States have the characteristics of perfect competition? How does perfect competition in the farming industry help farmers and consumers? or Hurt farmers and consumers?
The maintenance costs associated with an investment are $0 for the first 8 years and $ 700 per year thereafter. The investment has an infinite life. With interest at 9 % per annum, determine the prese
Consider a market for a homgeneous product with demand given by Q = 37.5 - .25P. There are two firms, each with a constant marginal cost equal to 40.
Assume that Johnson deposits $350 of currency in his account in the XYZ bank. Later the same day Swanson negotiates a loan for $2000 at the same bank. In what direction and by what amounts
Carefully explain what happens to the demand for a Giffen good
Evidence suggests that there is less price competition in an oligopoly than other forms of market structure. Why is this the case?
Explain how monetary policy can be used to reduce inflation.
How would better health outcomes cause higher income? How might the relative importance of two hypotheses be relevant for public policy?
Consider two firms that act as Cournot competitors and face the inverse demand function p(.), where p'(Y1 + Y2) < 0. The total cost function for firm i is given by Ci(.), where Ci'(Yi) > 0 i = 1
In a 1990 article assessing the 1980's, Time reported that: "The good news is that U.S. gross national product doubled during the 1980s, from $2.7 trillion to $5.3 trillion." The GNP number they refer
The attendance at baseball games at a certain stadium is normally distributed, with a mean of 44,000 and a standard deviation of 2500. For any given game:
Suppose that the company is a price taker and the market price is $10. How many units will each plant produce?
“The short-run supply curve of a perfectly competitive firm is the firm’s marginal cost curve.”
Grapg a series of isoquants for the production function q=10, 15,20. Plot at least 5 points for each isoquant by assuring value for q and then a value for L and solving for the remaining value of K to
Mbank has deposit liabilities of $100 million. It only keeps the minimum cash reserves required by law of 10%. Its annual costs (wages, rent, utilities, etc.) are $2.5 million. What is Mbank's profit
An expenditure of $20000 is made to modifya material handling system.this modification will result 1st year saving of $2000,2nd year saving $4000 and a saving of $5000 per year thereafter.How many yea
The following figures refer to a firm production department during a certain week. Estimate TVC and AVC. No. of workers employed 50
Suppose a firms production function is given by Q= L^1/2 * K^1/2. The marginal product of labor and the marginal product of capital are given by:
Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive which she rents for $30 per month. Producing q gallons of honey in one month requires spending 5q doll
The interest rate is tied to the economy. Based on your opinion, will the economy grow or recede for the rest of 2011 and 2012? Will the pace of growth (or recession) fast or slow? The current interes
The federal government tests the safety of car models and provides the test results free of charge to the public. Does this information qualify as a public good?