Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college Why does the economist classify normal profit as a cost Is eco
explain how the law of diminishing marginal utility applies to your personal consumption patterns and how the utility-maximization rule and the income and substitution effects play a role in your sh
In the last decade or so there has been a dramatic expansion of small retail convenience stores (such as Kwik Shops, WaWa, 7-Elevens, Gas ‘N Shops) although their prices are generally much hig
OPEC is the economist's favorite cartel to study, partly because it had such a spectacular short-run success and partly because oligopoly theory could be used to predict how OPEC pricing actually ev
Why does representative democracy often tax some people in order to provide benefits to others When governments become heavily involved in tax-transfer activities, how will this involvement affect e
b)calculate the amount of additional reserve this bank would like to loan out to customers c)if this bank loans out the reserves you calculated in part ( b above, how much will the money supply change
Consider a small country that exports steel. Suppose that a "pro-trade" government decides to subsidize the export of steel by paying a certain amount for each ton sold abroad. How does this export
Each day millions of Americans purchase millions of goods andservices. These goods are services are generally readilyavailable, as long as you have the necessary money to purchasethem. How is it pos
In other words,if we ask how much demand or supply changes in response to a changein price, we must be clear about how much time is allowed to passbefore measuring the changes in the quantity demand
"Suppose a growing world with positive real income andeconomic growth. There are some lower income countries producinggoods for basic necessities of life. If income of the poor peoplebelonging to lo
Analyze why the prices of gasoline rose so high over the summer. Was it because OPEC cut back production and the number of people driving was more Illustrate this using a graph showing a decrease in
Suppose that owners of high-rise office buildings are the main employers of custodial workers in acity. The city has decided to impose rent controls, and ithas established a rent ceiling below the p
If the price of processor chips used in manufacturing personal computers decrease, what will happen in the market for personal computers How will the equilibrium price and equilibrium quantity of
Consider the market for economictextbooks. Explain whether the following events would causean increase or a decrease in the supply or an increase or adecrease in the quantity supplied. The market pr
When figuring the number of people unemployed, is it the laborforce - the number of employed adults What abou adults in the military the nonadult population institutionalized adults and nonmilitary,
Utilities which operate nuclear power plants are required to placefunds into a "Nuclear Decommissioning Fund" in order to be surethat adequate funds are available to decommission the plant at theend
The XYZ Corporation is planning to purchase an extruder. Thepurchase price of the extruder is $350,000. The company plans tomake a down payment of 25% of the first cost of the extruder and tomake a
Oil and gasoline prices are a concern in the United States. Why does this economic problem exist from a supply and demand perspective, what can be done to improve resource allocations, and what can
There are 168 hours in a week. Of these, about 60hours will go to sleeping (more or less). That leaves 108 hours forwhich we have a choice in terms of how we will spend that time.Let's assume that w
Suppose the Bank of Canada wanted to keep the interest rateconstant. Show (using the money market diagram) what the Bank would have to do to offset the output fluctuations. What would this imply for
look up for the numbers of the M1, M2 and M3 monetary aggregates in the European central bank euro area statistic for the most recent last-year period since the outburst of the global financial cris
Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation. Develop a bargaining situation from which you would conclude that ac
Illustrate the following situations using supply and demand curves for money. No graph needed only state what will happen to the supply and/ or demand curves for money and what will happen to the eq
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies wou
Ralph Waldo Emerson once wrote "want is growing giant whom the coat of have was never large enough to cover." How does this statement relate to the definition of economics