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With the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1, a consumer, George, with an income of $1,000 purchases 300B and 400R. At that point, the consumer’s MRSBR = 3 R/1
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950’s. Applying the economics of price and output, what is the difference between the industr
In recent business publications, find case study in which changes in the maco enviroment play a major role in influencing a firm's competitive strategy. Contrast this with a second case in which micro
Harvard, Yale and Princeton all charge relatively high tuition. Still each uses ACT and SAT score as admission criteria. Are charging a relatively high tuition and using standardized test scores incon
U.S. Treasury securities are auctioned in competitive bidding under rules that are very similar to a Vickrey auction. What is the advantage to the U.S. Treasury of using this type of auction?
The probability that Pete will catch fish on a particular day when he goes fishing is .8. Peter is going fishing 3 days. The variance of the number of days Pete will catch fish is
Suppose a government is established in a country where none previously existed. The government spends 110, financed by borrowing, to provide public services. If autonomous consumption plus investment
If the expected return of U.S. assets rises while returns on foreign investments remain unchanged, what should happen to the exchange rate? Why?
Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery, would you escape the scarcity problem?
Suppose Congress cuts spending for the military, and then unemployment rises in the U.S. defense industry. Is there causation in this situation, or are we observing an association between events?
If the U.S. economy is operating near full employment and the exhange rate increases(the dollar appreciates),
The U.S faces an unwelcome combination of looming recession and persistent inflation that is reviving angst about stagflation, a condition not seen since the 1970s
Fixed costs exist only in the short run. In the long run there are no fixed costs." Why might the time frame for the "short run" differ from one industry to the next? Provide examples of two industrie
Why does the aggregate demand curve slope downward? Give at least three reasons and examples when addressing this question, using your text, the Online Library, and the Internet as resources.
If productivity is expected to increase in the US, how does it affect the current value of the US dollar against other currencies?
Legislative bodies impose price controls to help a part of the economy; who benefits and who is harmed by price ceilings and price floors?
Suppose that a consumer has a choice between two goods, X and Y. If the price of X is $2 and the price of Y is $3, how much of X and Y does the consumer purchase, given and income of $17? Use the foll
How do we know that calculating GDP by the expenditure approach yields the same answer as claculating GDP by income approach
Imagine that you intend to buy a portfolio of ten stocks with some of your savings. Should the stocks be of companies located in the same country?
Twenty years later, 2002, this account had increased to $265. However, the CPI increased to 186. What would be the value (purchasing power) of $265 in 2002?
If the wage rate is $30 perhour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output?
What dangers are being shown by the rise in food and commodity prices? Explain. Why is it dangerous that the government is ignoring it?
Consider the situation of the concept of Green energy policy and conservation. What is the issue at hand and what are they hoping to do? Explain. What are the anticipated benefits of using the electri
Consider current budget problem of many states. What is it? Explain. What are the two basic choices for them to get out of financial trouble? Explain the impact of each. Why are some states playing fo
Thirsty Ed drinks only pure spring water, but he can purchase it in two different-sized .75 liter (good x1) and 2 liter (good x2) containers. Because the water itself is identical, he regards these tw