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Answer the following questions thoroughly utilizing key terms and concepts covered in the previous units.
Why have the prices of pocket calculators of DVD players fallen? What do you think has happened to the costs and economic profits of the firms that make these products?
Consumers stand to benefit from more accurate and informative advertising. Accept, for the sake of argument, that the advertisements do create a false impression. Pharmaceutical companies, publishers,
The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate
According to the quantity theory, in the long run, an increase in the growth rate of ________ leads to an increase in the ________ .real GDP; inflation rate the quantity of money; growth rate of real
Suppose you have a limited money income and you are purchasing products A and B whose prices happen to be the same. To maximize your utility you should purchase A and B in shuch amounts that?
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
The Federal Reserve was established in 1913 and is, therefore, a “creature of Congress.” The President of the United States nominates members of the Board of Governors of the Federal Reser
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free.
The new Millennium Dome Company (NMDC) must choose the entry fee for a new sports arena. Suppose an expensive consultancy firm has estimated the demand schedule to be as follows:
Shaniq buys only soda and pizza and is buying the amounts that maximize her utility. The marginal utility from a soda is 30 and the price of a soda is $2. The marginal utility from a slice of pizza is
Success of Employment Applications in Ohio during the Gentleman's Recession and chart displays the ratio of job placements to seekers, for the total of men and women in all five cities, juxtaposed ag
If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16. Using the above information, answer the following showing all the steps you made to get a final an
What is the slope of the line described by this equation: P = 3Q + 1/2? P is plotted on the vertical axis, and Q is plotted on the horizontal axis.
If Kevin is a rational consumer, where will he choose to operate on this graph? Identify the equilibrium point that maximizes Kevin's net benefits by selecting point A, B, or C.
What is the maximum amount you would pay for an asset that generates an income of $150,000 at the end of each of five years if the opportunity cost of using funds is 9%?
Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units.
Now consider the problem of a retailer like Circuit City or Best Buy. Such retailers can sell as many copies of Vista they like at the prevailing market price of $200.
A school fundraiser raffles off a free trip to Hawaii. Many people purchase raffle tickets, but there is only one winner.
We can examine the effects of a subsidy with a simple supply and demand model. Suppose the graph below shows the market for kerosene in Indonesia. The line labeled S1 represents
$10,000 is exchanged into Swiss francs at an exchange rate of $1 = 2 SF to buy the bonds. How many dollars will the investor have after one year if the exchange rate is then $1 = 1.5 SF?
What is the difference between fixed cost and variable cost? Explain the shape of the Total Variable Cost curve and explain why and how the total cost and total variable cost curves differ.
Been sold some adult tickets and student tickets for a basketball game each adult ticket cost $5 each student ticket cost$3
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live
Which piece of information is more important in the utility maximization process: marginal utility per unit of the good or marginal utility per dollar? WHY?