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Do you think the argument against redistributing income through income taxes based on reducing economic efficiency is a strong one. Provide an example where a business did not expand because the poss
All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second low
Describe the output and price effects that influence the profit-maximizing decision faced by a firm in an oligopoly market. How does this differ from output and price effects in a monopoly market
After a given time period, due to investment and technological advances, which cost the monopolist an increase in TFC, results in a cost of production decrease to ATC2 and its corresponding supply t
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her
The bonds are identical in every way (e.g. they have the same coupon payment, maturity data, etc.), except that A is "riskier" than B - i.e. you think the probability of full payment of principal an
b. Suppose the Fed makes a $2m open market sale. What happens to total deposits and the money supply What happens to total loans + security holdings of banks c. If banks collectively borrow $3m from
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these d
how do we calculate the retail price index what are the problems of using the retail price index what are the advantages of inflation what are the disadvantages of inflation what are the remedies for
If a local movie theater sells tickets at different prices (senior citizens versus young people, matinee versus evening prices) is the local movie theater a monopoly What about the concession stand
Suppose the Fed expands the money supply, but because the public expects this Fed action, it simultaneously raises its expectation of the price level. What will happen to output and the price level
The kinked demand curve in an oligopolistic market is defined by the equations: P = 140 - 0.5Q, and P = 200 - 2Q. a) Derive equations for the marginal revenue curves. b) Determine the price and quanti
In health care, most physicians and facilities are paid for services rendered instead of the quality of the performance, known as pay for performance. Discuss how current trends in consumerism may c
Find a market price for hydrogen gas and normalize the energy content compared to the current local price of gasoline. Using octane as an approximation for gasoline energy content, compare the cost
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's
the production possibility frontier model showed the tradeoff between current consumption and capital goods. Explain the role of saving in this model and how increased saving will lead to greater ec
How much can Wells Fargo lend to developer who will repay the loan by selling first 6 view lots out of 13 lots at $190,000 each 2 year from now Assume the bank will lend at a nominal 14% per year, c
For the argument in favor of state subsidies, draw (by hand is OK, but make sure it's neat) a supply and demand diagram that shows the positive externality, the effect of the subsidy, the market out
What is the internal rate of return for a cab if it is retired at the end of its economic service life What is the internal rate of return for a sequence of identical cabs if each cab in the sequenc
a) If the Fed requires banks to hold 5% of deposits as reserves, how much in excess reserves does First national now hold b) Assume that all other banks hold only the required amount of reserves.
As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following What two policies could you use to reduce the total amou
Explain the alternative adjustment path that would result from the stimulus and compare it to the adjustment that would have occurred if the government had not responded to the recession.
Evaluate the following policies in terms of their effect on "the greatest happiness the greatest number." (Think about market failures and failures of markets: how do the policies suggested correct
Would warehouse operators insist on owning their own trucking companies Why or why not What coordination and control problems and contractual hazards would these companies encounter What organizatio
As baby boomers retire. What will happen to supply and demand Will we use our surplus and how shown in a graph. Show aggregate demand/supply etc. should the solow growth curve be part of the graph