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suppose Arnor and Gondor are two very similar countries that started out with identical population, technologies, etc. except that Gondor has a much higher mortality rate due to a more hazardous geo
In 2003, conservation groups paid western cattlemen to move their herds away from wild buffalo herds so that the buffalo would have more feed and not have to compete with the cattle. What has this a
a) Explain what happens to observed prices in posted offer and double auction markets when there at least two sellers. b) Explain what happens in these two markets as the number of sellers drops to on
Delmar Custom Homes (DCH) uses two types of crews on its Long Island, NY, home construction projects. Type A crews consist of master carpenters and skilled carpenters, whereas B crews include skille
The rule established by the Hadley case is "when damages are awarded, compensation can only be awarded for injuries that the defendant could reasonably have forseen as a probable result of the usual
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countri
What kings of long-term benefits and/or costs result from such a strike Draw some assumptions. Maybe the variables are what is the current wage and how long the strick will last, how much money will
Eagle Properties, a real estate investment and sales firm, presents a form contract to its customer Floyd, who wants to buy a certain quarter acre of land in a proposed housing subdivision that Eagl
Evergreen Landscapers, Inc., owes Friendly Finance Company $5,000. Evergreen enters into a contract with Suburban Office Park under which Evergreen promises to maintain the landscaping on Suburban's
The country of Cheapland currently has a national health insurance system that reimburses citizens for 90% of all heath care costs incurred. Cheapland's government is considering a policy change tha
If you could choose to work as many hours during the week as you wanted at a given per hour wage rate, to what level would the per hour wage rate have to be before you would begin to choose fewer hour
How would the four basic markets of the macro model (Aggregate Demand and Supply, Long Run Supply, Labor, Credit or Money, Capital change) change in response to the catastrophe in japan. Most import
Jon Mitchell runs a small, very stable newspaper company in northern Georgia. The paper has been in business for 23 years. The total value of the firm's stock is $2 million, which Jon owns outright.
assume that you have been asked estimate the benefits associated with starting an ecotourism project where visitors will be given guided tours of a particularly rich habitat area. 1- what are the ma
The Fed sells $100,000 in Treasury Bonds to Chase Bank in the secondary market. a) What happens to the monetary base as a result b) If the reserve requirement is 20%, c=0.5 and e=0.001, what happens t
Consider a monopolistic firm producing a good with the following cost funciton C(y) = ay where a > 0. The firm faces the following demand function D(p) = Bp-n where B, n > 0. This kind of demand
The market for taxi services in a Midwestern town is monopolized by firm 1. Currently, any taxi services firm must purchase a $40 thousand "Medallion" from the city in order to offer its services. A
As part of their chores on Saturday mornings, they have to clean the bathrooms and wash the floors of the house while their parents go grocery shopping. In one hour's time, Mike can clean two bathro
(a) Assume a competitive labor market. Draw the demand of labor curve for an individual firm. Assume that the firm faces a labor supply curve that is neither perfectly inelastic nor perfectly elasti
describe some forms of private spending that represent consumption and some forms that represent investment. The national income accounts include tuition as a part of consumer spending. In your opin
Suppose that society decided to reduce consumption and increase investment. A) how would this change affect economic growth B) what groups in society would benefit from this change What groups m
Two firms compete in a market to sell a homogenous produce with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50. Use this to compare the output and profit
Suppose OPEC breaks apart and oil prices fall substantially. Initially, which curve shifts in the aggregate supply/aggregate demand modell In what direction does it shift? What happens to the price
How is the Patient and Affordable Care Act of 2010 (the "Health Care Reform Act") likely to reshape financial arrangements between hospitals, physicians, and other providers if Medicare makes a sing
a. Use the theory of liquidity preference to illustrate in a graph the impact of this policy on the interest rate. b. Use the model of aggregate demand and aggregate supply to illustrate the impact