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1 what is a positive economic statement what is a normative economic statement provide an example of each2 is it
1 why does the production possibilities frontier bow outward give an example of two goods for which this would be the
1 what criteria would you use to determine which of two workers has a comparative advantage in performing a task2 why
two friends rachel and joey enjoy baking bread and making apple pies rachel takes 2 hours to bake a loaf of bread and 1
suppose that a group of die- hard sports fans is upset about the high price of tickets to many games as a result of
andrew paid 30 to buy a potato cannon a cylinder that shoots potatoes hundreds of feet he was willing to pay 45 when
1 are price gouging laws an example of a price floor or a price ceiling2 why do most economists oppose attempts to
1 search youtube for the video titled black friday 2006-best buy line do the early shoppers appear to have elastic or
1 define the price elasticity of demand2 what are the four determinants of the price elasticity of demand3 give an
1 what are the fundamentals of a market economy2 what determines demand3 what determines supply4 how do supply and
where would you plot unemployment on a production possibilities frontier where would you plot full employment on a
the following table shows a short-run production function for laptop computers use the data to determine where
1 many amusement parks offer two-day passes at dramatically discounted prices if a one-day pass costs 40 but the
in the following table fill in the blanks assume the market is perfectly competitive after you have completed the
1 how is monopolistic competition like competitive markets how is monopolistic competition like monopoly2 what is an
1 what are barriers to entry and why are they crucial to the creation of potential long-run monopoly profits give an
1 what are the necessary conditions for a perfectly competitive market to exist2 why do competitive firms earn zero
1 how do competitive markets work2 how are monopolies created3 how much do monopolies charge and how much do they
a small town has only one pizza place the pizza factory a small competitor perfect pies is thinking about entering the
in your economics course you have to do a two-student project assume that you and your partner are both interested in
suppose that a university wishes to maximize the response rate for teaching evaluations the administration develops an
1 how can economists explain irrational behavior2 what is the role of risk in decision- making3 how does game theory
1 what is bounded rationality how is this concept relevant to economic modeling2 explain the framing effect that may
1 economists use the ultimatum game to test judgments of fairness what result does economic theory predict2 how is game
using the definition of a price taker as your guide for the following industries explain why the outcome does not meet