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Suppose that the demand for the final product drops. Using labor demand curve D1 as the starting point, what happens to the demand for labor?
Has oil always been a scarce resource? Why/why not? To answer this, one must understand what resources are and what makes them scarce. Give an indepth reason
Firms can produce in the short run as long as they cover
“Scalping” refers to the practice of reselling tickets at a higher-than-original price, which happens often with athletic and artistic events. Is this “ripping off” why or why
Most students will agree that sleeping in on a school/work day has opportunity costs. Are there opportunity costs in sleeping in on a weekend (assuming you don’t work or go to school on Saturday
Explain the general progression of market structures. If you were to begin a brand new market, what is your market structure and then what might happen?
Explain how economies of scale and scope can lead to a larger business model. Will a firm that has one or both be bothered by antitrust legislation? Why/why not?
Can we ignore the profit maximization rule in favor of sustainability? Or do we simply end up with more tradeoffs/decisions?
Trade barriers (quotas and tariffs) are often used to protect domestic workers. Explain how the use of such barriers creates higher unemployment rather than protecting it.
Why study economics? This goes back to the very definition of the field. It can actually be summed up in ONE word. Once you’ve found the word, explain it, however. Use terms like resources and c
Why is the demand for a Mercedes more elastic than the demand for all autos? Be sure to list at LEAST two reasons for this and explain them.
Explain the relationship between the MC curve and the AVC and ATC curves.
When trying to assess differences in her customers, Claire - the owner of Claire's Rose Boutique - noticed a difference in the typical demand of her female versus her male customers
Give two reasons why can't we compare people with different levels of labor market earnings to measure the income effect for retirement? Make sure to distinguish income and substitution (or price
Engel curve for soccer tickets. Engel curve for soccer tickets.
Jim Duggan made an investment of $10,000 in a saving account 10 years ago. This account paid interest of 5½% for the first 4 years and 6½% interest for the remaining 6 years. The interes
A woman made 10 annual end-of-year purchases of $1000 worth of common stock. The stock paid no dividends. Then for 4 years she held the stock. At the end of the 4 years she sold all the stock for $28,
Joe the Plumber runs a competitive firm. He does 20 works per week, and charges $50 per week. His total cost each week is $1200, of which $300 is Fixed cost. Draw a diagram about his short and long ru
Find all pure-strategy Nash equilibria in the game below. List each Nash equilibrium in (Player 1’s Strategy, Player 2’s Strategy) form.
Why do you think the stock market has performed or offered higher return than the bond market in the last 30 years? Why do you think gold is dong so well recently? Briefly discuss
The value of a home depends on how attractive other homes and yards in the area are. How do local zoning ordinances try to promote land uses that generate external benefits for neighbors?
Suppose a consumer has the utility function u(x;y) = xy1/2. Suppose the prices and income are given as Px = $2;Py = $3; I=$900:
What are the main characteristics of an oligopoly? Give an example of an industry with an oligopolistic structure. What are the firms in this industry?
Describe the probable impact of an increase in government spending assuming no change in taxes or private spending and less than full-employment output.
Using the aggregate demand-aggregate supply model, explain how the depreciation of the US dollar in terms of foreign currencies would affect the economy.