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Discuss the impact of rational self-interest on each of the following decisions:
What are weakness for using real per capital GDP to compare living standards between countries?
How do economists distinguish between absolute and relative sizes of the public debt? Why is the distinction important?
A firm has two factories, one twice as large as the second one. As the number of workers at each factory increase, which factory will experience diminishing returns first?
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue. Discuss the uses of elasticity of demand
Illustrate the effect of captial formation by comparing the production possibilty curves, at the present time and ten years in the future, for two economies, one with high and the other with a low r
Develop hypothetical supply and demand schedules for your good or service. Plot the schedules onto your graph and label the curves with D for demand and S for supply.
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not v
Identify economic forecasts for real GDP, the unemployment rate, the inflation rate, and a key interest rate. What do your forecasts imply about the relative strength of the economy over the next tw
A business's strategic choices are limited by economic conditions. When you arrive at strategy class, you will be asked to perform an environmental analysis. Read the Big Drive Auto Scenario.
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the cir
Explain why economic policies aimed at stabilization can actually increase, rather than decrease, the magnitudes of economic fluctuations
Suppose a central bank does not satisfy the Taylor principle. Use a graph to analyze the impact of a supply shock. Does this analysis contradict or reinforce the Taylor principle as a guideline for
Suppose that, during the day, the station owner's demand is given by PD=2.06 - .00025QD. The marginal cost of selling gasoline is $1.31 per gallon. At his current $1.69 price, he sells 1,500 gallon
Graph the demand and supply curves. What is the equilibrium price and quantity in this market? If the actual price in this market were above the equilibrium price, what would drive the market toward t
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue.
For a firm selling its product in a purely competitive market, the marginal revenue product of labor can be found by:
Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labor productivity
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 differences have
Explain how each of the following events affects the location of a country's production possibilities curve:
The U.S Border Patrol is considering the purchase of a new helicopter for aerial surveillance of the New Mexico-Texas border with Mexico. A similar helicopter was purchased 4 years ago at a cost of
At Tony's Restaurant, the quantity sold of large pizzas is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to incr
Mr. Wilson has asked you to prepare a report for the client asvising it on how to increase their profitability by moving the company to the United States. On average your client recieves 1%in annual
What would be the short run and long run effect on price, quantity and profits of firm within the industry of an increase in demand in an imperfectly competitive industry such as dealing in antiques