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What is the policy of import substitution? Why might poor countries face obstacles when following this policy?
What causes the lags in the effect of monetary and fiscal policy on aggregate demand? What are the implications of these lags for the debate over active versus passive policy?
Which of the following most closely relates to the idea of opportunity costs?
Why are poor countries poor and rich countries rich? What are the main ingredients for economic growth? What policies (if any) can be used to stimulate growth?
Describe what would happen to the aggregate expenditure function in each of the following cases. Would it increase (shift up), decrease (shift down), or not shift at all?
The production of each compute chip, however, results in a pollution of cost of 10 cents. Draw a figure, showing the equilibrium price and quantity for this special chips., as well as the socially
What are some of the true concerns of the U.S. Budget Deficit? Some of the false concerns?
Actions by the Federal government that decrease the progressivity of the tax system:
The marginal cost of producing the product is $30. If the firm pays a fee of $50000 to the General Drug Research Council, it can have its product's effectiveness certified. The demand function for a
Define natural monopolies. Explain how natural monopolies are established. Explain the justification for natural monopolies according to economic theory.
Define social regulation. Explain why social regulation exists.
How industrial regulation affects the market. Explain the entities affected by industrial regulation in terms of market str
"Understanding new needs is the heart of our success." How has American Express Leveraged its brand into customer segments and created value through different card and program offerings?
A firm uses 1 capital for every 8 workers to produce 1 output. The price of output is $75, the wage rate is $6, and the rental rate for capital is $2 per unit. Assume capital is not a fixed cost.
Suppose the French government sets a minimum yearly wage of €35,000. Is there any involuntary unemployment at this wage?
Suppose the cable TV industry is currently unregulated. However, due to complaints from consumers that the price of cable TV is too high, the legislature is considering placing a price ceiling on ca
Suppose that Mensa Inc is a representative firm in a perfectly competitive industry. Mensa's total cost of production is TC= 5,000+5q^2, where q is mensa's output. Based on this equation, mensa's m
What is each firm's equilibrium output and profit if they behave non cooperative? Use the Cournot Model. Draw the firms ‘reaction curves and show the equilibrium. How much should firm 1 be wil
Suppose that the free trade (world) price of good Y is PY = $1. Draw the domestic demand and supply curves for good Y. Calculate and indicate in the diagram the level of domestic consumption, domest
Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, which technology is cheapest?
Actions by the federal government that decrease the progressivity of the tax system:
There is perfect competition in the world market and thus the total world supply is P = 10. a) In absence of government policy, the U.S. Supply is the world supply. What is the consumer surplus at t
What is profit maximazation formula for a firm in pure competition and why does it conform to marginal productivity theory of resource allocation?
A particular monopolist has a demand curve and cost function for its product estimated to be P = 250 - .15Q and TC = $25,000 + $10Q. Calculate the deadweight loss caused by the monopolist.
Two firms produce high quality aloha shirts: Hawaiian Wear (HW) and Island Wear (IW). Each firm has the same cost function given by TC = 20Q + Q^2. The market demand for aloha shirts is P = 200 - 2Q