Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Discuss the difference between the short run and the long run from the perspective of producers and from the perspective of consumers.
It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.) How w
What varibles other than price appear to have the biggest impact in the demand for mccdonalds products? how much influence does that comapany have over these variables?
An alternative has a discounted project cost of $12,325,000 with a discounted salvage value of $1,750,000. The estimate was in constant dollars and the discounting used end-of-year factors. While th
What do you think causes changes in each of the expenditure (spending) components of GDP, thereby causing changes in our economy's output, employment and income levels? How can changes in demand cau
What is the supply function for a perfectly competitive industry with constant returns to scale? Consequently, what will be the equilibrium price and equilibrium profits for this industry?
What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? Explain
Use a production possibility curve to show how resource growth and improvements in technology can allow a nation to increase its production of government goods and services while also increasing its
Alejandro is one of the leading widget producers in the country. His total costs amount to $5,000, total fixed costs are $3,000, and average total costs are $200. What is Alejandro's marginal cost a
Based on the best available econometric estimates, the market elasticity of demand for your firm's product is - 1.50. The managerial cost of producing the product is constant at $75, while average t
Explain the evidence that supports these recommendations and how your recommendations might need to be modified for the alternative economic futures
When prices are ($2, $10), Emil chooses the bundle (1, 6), and when prices are ($12, $4), he chooses the bundle (7, 2). Is Emil's choice of bundles consistent with the Weak Axiom of Revealed Prefer
Explain how the principles of economics affect decision-making, interaction, and the workings of the economy as a whole,and explain how economic interactions are affected by the type of economic sy
A quality control inspector selects a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested. Find the number of possible of outcomes of this e
Discuss the role of advertising in product differentiation and the intent of advertising in altering the firm's demand curve.
Suppose that the market for apartments in New York City is described by the following equations: What is the equilibrium price and quantity?
In defining demand and supply, why do you think economists focus on price while holding constant other factors that might have an impact on the behavior of buyers and sellers? Word limit (200) limit
In a monopolisitically competitive industry, the four-firm concentration ratio would be:
What is the condition for optimal choice? When will it not hold? Is it a sufficient condition?
What is the "current macroeconomic situation" (e.g. worrying about inflation and/or recession) in the U.S.? [2] What should the U.S. Congress and the Federal Reserve do about it?
Determine (solve for) the equilibrium level of income or GDP (Y). Determine the impact on income of a 50 increase in government spending from 250 to 300. Using the original data, compute the impact of
Proponents of free market systems argue that free enterprise leads to more efficient production and better response to changing consumer preferences. Others point to the fact that markets are not pe
What is the key assumption of the basic Keynsian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluct
Define the Law of Diminishing Marginal Returns and apply the marginal/average relationship to describe the behaviour of production in the short run. Be sure to include an analysis of the stages of
Oligopoly behaviour is extremely strategic. Consider the models of oligopoly we have studied. What type of games are each of the models of oligopoly? Compare the solutions of the models. Can we say wh