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1. Graph the supply and demand curves 2. What are the equilibrium quantity and equilibrium price?
What would be the effect of the policy described in part (c) on the economy's stability over the business cycle?
Explain why housing prices vary from city to city. Cleary explain how supply and demand affect the prices of the homes and be sure to show your work.
Calculate the equilibrium quantity of rice consumed in Japan at the world price of $0.10 per pound, and indicate the quantity of rice imports at the world price
Why are prices generally higher for goods/services in London as opposed to Newcastle, or New York as opposed to San Fran?
Draw and explain a production possibilities frontier for an economy that produces milk and cookies.
At what price must American birdcages sell? Illustrate the gains to Americans from the existence of the birdcage market.
When is international trade an opportunity for workers? When is it a threat to workers?
What are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past 12 months.
Question: A government's currency trades at equilibrium for $.30. What will happen if they try to maintain an exchange rate of $.40?
Fluctuating and increasing gasoline prices. What is your analysis on this topic and relate it to the United States economy.
Determine the industry's supply curve and graph it. Suppose the normal production process for beet sugar uses high-sulfur oil for fuel
Illustrate and explain how this mechanism works to achieve market equilibrium between supply and demand forces.
In numbers, how much producers’ surplus is gained in this market? How much consumers’ surplus ? How much social surplus ?
Explain why personalized pricing or first degree price discrimination is usually more profitable than menu price.
Critically analyze and evaluate real-life economic problems and opportunities by applying economic concepts, principles, and theory.
What if the increase in value of the untaken land exceeds the value of the taken land?
Given this formula, explain why Michelman is more permissive than Pareto but less permissive than Kaldor Hicks.
Why does this distinction make economic sense? How might one draw a sensible line between a benefit conferred and a harm prevented?
Suppose the conditions of a charitable donation become illegal or otherwise infeasible. Why Does this doctrine make economic sense?
If the two owners can bargain with each other costlessly, do you expect a sale to occur (assuming both owners have to give their consent)?
What assignment of the right to use of the dock, and what rule for protecting that right (property rule or liability rule), are implied by the court's ruling?
Now suppose transaction costs are high. What information does the court need to know to decide whether granting injunction will lead to an efficient outcome?