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Draw the budget constraint showing the trade-off between dining hall meals and Cups O’ Soup. Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum c
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. She has fixed costs of $250.
For each of the following, draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilibrium quantity.
A group has chartered a bus to Atlanta. The driver costs $200, the bus costs $500, and parking in Atlanta will be $90. You have already paid $700 to reserve the bus and a driver
What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?
Eastman Publishing Company is considering publishing a paperback textbook on spreadsheet application for business. The fixed cost of manuscript preparation
Workers are compensated by firms with “benefits” in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. how might the government help to eliminate this inefficiency.
Glen spends at least 40 hours a week at his place of business. If he closed the company, he could work for his competitor earning $50,000 a year. He also owns the building the company operates in and
A negative externality occurs when an individual or firm making a decision does not have to pay the full cost of the decision. If a good has a negative externality, then the cost to society is greater
If the ABC company owns the exclusive rights to mine land in Afghanistan for Lapis Lazuli, a rare stone used in jewelry which is found only in Afghanistan, the company benefits from a barrier to entry
According to this week s lecture, there are two types of inflation (demand pull and cost push). Which countries are experiencing a demand pull inflation? ? You may need to complete additional research
ECON 301 Intermediate Microeconomics Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifferen
By specializing in the production of particular goods in which it has a comparative advantage, a nation is:A) less likely to make efficient use of available resources.
With regards to monopoly, is it possible for a monopolist to earn zero economic profit Is it possible for a monopoly to generate a loss How does average total cost figure into monopoly profits?
After a certain point, the more hours you spend studying economics per day, the less you will learn with each added hour. D. the more hours you spend studying economics per day, the more you will lear
Explain how inflation affects consumption in a cash in advance model (with transfers). What causes this to happen and explain how a government collects revenue via seigniorage
Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. Assuming no transportation costs, the United States wi
While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an a
Gruel is an inferior good. Hence, an increase in consumer income decreases the supply of gruel increases the supply of gruel decreases the demand for gruel increases the demand for gruel
A private closed economy includesA.households, businesses, and international trade, but not government. B.households, businesses, and government, but not international trade. C.households only. D.hous
Susan begins to examine shifts in demand for shoes. She discovers that as the population increases then it is likely that there will be a shift in demand to the right for shoes. She also discovers tha
Explain how Ricardian Equivalence works and explain how to get the quantity theory from the equation of exchange
Using your own words, define market imperfections. To support your definition, include at least two examples. Do not include the examples from the book create your own examples.