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Using the equation linking the price of a car to markup and marginal cost, if the markup is 60 percent and marginal cost is $20,000, what is the price?
The impact the theory of consumer choice has on: Demand curves-Higher wages.
Draw the new production possibilities curve. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
Explain typical shapes of marginal-benefit and marginal-cost curves. How are curves used to determine optimal allocation of resources to a particular product?
Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur?
Plot the data in your table as a budget line in a graph. What is the slope of the budget line? What is the opportunity cost of one more candy bar?
What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?
Explain why tradable permits for the right to dump garbage into a river would be more efficient. How is the total quantity of tradable permits determined?
The Bureau of Labor Statistics produces data on labor turnover called JOLTS. How would you explain these findings?
Why do people quit jobs? Do you think that the number of job quitters is higher or lower during economic downturns??
Find a newspaper article that describes a price change for a good or service. Why did the price change? What happened to the quantities produced and sold?
Using the credit market, show how governmental borrowing increases interest rates. How would you show this in a supply-and-demand diagram?
Explain why an increase in the mortgage rate, which reduces the demand for new houses, can teach researchers about the elasticity of the supply curve.
Describe the types of trades in terms of whether they are B2C or B2B. In what ways do you think that B2B trades are different from B2C trades?
What is tuition at your college? What factors determine the elasticity of demand faced by your college?
Do the stations charge the same price all the time or does the price change? When the price changes, what might be the reason for that change?
Explain the difference between a shift in the demand curve and movement along a demand curve.
Explain why marginal revenue must be less than the price when a firm faces a downward-sloping demand curve.
If the price of steak is $25.00 a pound and the -(elasticity of demand) is 2, what decrease in price would lead the quantity sold to increase by 4 percent?
What do you think will happen to the demand curve facing your firm when the economy goes into recession?
How would you do so? How would the auction operate? In what ways would it differ from buying art on eBay or craigslist?
How many jobs do people usually have at a point in time? How many items does a food shopper usually have in his or her basket at the store?
If more people come into an auction, how should that affect your bidding in a winner's curse situation? Should you bid more or less? Why?
In what settings do you have to be aware of the winner's curse? In what way does a double oral auction differ from craigslist? From eBay?
What is the average price of a house in the United States? In your hometown? Explain the differences in the insurance costs.