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Why do business departments have more money than otherdepartments? What economic measures can be taken to relieve thedifferences in salaries?
Some people claim the “economic way of thinking” does not apply to issues such as health care. Explain how economics does apply to this issue by developing a “model” of a
How does a current budget deficit affect futureworkers? How could a policy by the current government to reduce thenational debt hurt these future workers?
If the price of processor chips used in manufacturing personal computers decrease, what will happen in the market for personal computers? How will the equilibrium price and equilibrium quantity of per
ABC Company received the data below for its rodent cage production unit. Find the total productivity.
In a short run, a firm’s total costs of producing the hundredth unit of output equals $10,000. If it produces one more unit, its total cost will increase to $10,150.
Suppose that a firm’s only viable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase fro
Suppose that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand varies from 1.5 to 0.75. What can you say abou
The price level of a basket of goods in 2002 was $64.00. The price level of that same basket in 2003 was $68.00. If 2002 is the base year, what was the price index in 2003?
A watch manufacture finds that at 1,000 units of output, its marginal costs are below average total costs. If it produces an additional watch, will its average total cost rise, fall, or stay the same.
Utilize a graph to demonstrate the market equilibrium price and quantity of oil at $70 per barrel and 10 M barrels being produced and sold. Then, show graphically the likely impact on this equilibrium
Why are economists concerned about the understanding or overstating potential GDP and what factors might have led potential GDP to rise in the late 1990s?
Utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers empl
If marginal product is above the average product, what will be effect on total product, total revenue,average product and average variable costs?
Under what circumstances, and why, would the government be opposed to a merger of two firms? How does the Justice Department decide which mergers to challenge?
Explain how international trade has altered the U. S. domestic manufacturing base. How has it made it more or less competitive?
Explain all opportunity cost that you consider when deciding whether to purchase tickets for and attend a concert for 3 hours in Boston on a Saturday night.
How does this rationing method influence the incentives of individuals to supply goods, services, and resources to others?
The only variable input a janitorial service firm uses to clean offices is workers who are paid a wage, w, of $8 per hour. Each worker can clean four offices in an hour. Determine the variable cost, a
Taco Bell gives free tacos from 2 - 5pm. Suppose they make 500 tacos per hour and total costs are $1000. Assume the firm is operating at minimum costs.
Arise in U.S. inflation causes many U.S. residents to buy gold, which is a major South African export good, as a hedge against inflation.
If the government steps in to regulate a market, setting a price floor above the free market equilibrium price, will demand increase or decrease compared to the free marker equilibrium? Can you name a
What is the monopolist's profit-maximizing rate of production?What is the monopolists's profit-maximizing price?
Say the Federal Reserve wanted to increase the money supply in order to lower interest rates in order to stimulate the economy so that unemployment will be reduced. What are the negative effects of th
Assuming the firm shown in the graph below is a perfectly competitive equilibrium rather than a monopolist, what would the price and output be if the firm wants to maximize profits in the long run?