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Problem 1: In contrast to physical sciences, economics as a science a. Usually cannot run controlled laboratory experiments. b. Is challenged by the difficulty of accurately predicting the behav
In your own words explain what the retirement poverty problem is and what the retirement uncertainty problem is. Then, reflect on the class lectures on retirement planning and write a brief (no more
Consider the market for cars. Suppose that car manufacturers develop sophisticated robots to help in assembling cars and as a result of the spillover effect of these robots, other industries in the
Write an equation using the labels you used in (c) that describes the tax revenue the government receives when it imposes an excise tax on gadgets.
In class we discussed the concepts of consumer surplus (CS) and producer surplus (PS). In the graph below we can see that the equilibrium price and quantity are given as P1 and Q1.
In class there was a brief discussion of Greg Mankiw’s Ten General Principles of Economics. This question is based on those principles.
a. What is nominal GDP for 2012, 2013, and 2014? Provide any formula you use and show your work. b. What is real GDP for 2012, 2013, and 2014 using 2012 as the base year? Provide any formula you
a) Given the above figure, write an equation for the domestic demand curve, Ddom. Show your work. b) Given the above figure, write an equation for the domestic supply curve, Sdom. Show youar work.
Question 1: Use the graph of Econoland’s production possibility below to answer this set of questions. a. Econoland is currently producing at point B. What is the opportunity cost of moving to
Use the following diagram of a production possibilities frontier for Macroland to answer the following set of questions. Assume that Macroland produces only two types of goods, capital goods (K) and
In Naked Economics in Chapter Wheelan discusses "human capital". In your own words what is human capital? What are you doing to alter your own human capital: be specific about the skills and specifi
Draw a payoff matrix illustrating the payoffs that Mandy and Bob face when considering their decision about how they catch lobster. Put Mandy on the left hand side of the matrix and Bob on the top o
Given the information in the above graph and your equations from (a), find the equilibrium price and quantity in this market. Show your work.
Given the above information, who has the absolute advantage in the production of bread? Explain your answer. Given the above information, who has the comparative advantage in the production of j
Given the above graph, does the Law of Increasing Opportunity Cost hold for capital goods? The Law of Increasing Opportunity Cost states that the opportunity cost of getting each additional unit of
Given the above information, write an equation for Jason’s production possibility frontier in slope intercept form where jam (J) is measured on the vertical axis and butter (B) is measured on
a) What is the slope of the demand curve? What is the slope of the supply curve? b) What is the equilibrium price and equilibrium quantity of gasoline in Surburbia? Show your work in finding these ans
Write a report stating the business objective or idea. Describe in detail the macro and micro business environment you expect to encounter. What will be your strategy to gain competitive advantage i
What is the own price elasticity of demand Px = $154? Is demanded elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $154?
Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the conditions below.
Give your explanations on the determinants of demand. What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a change in the quantity dema
Chapter discusses three (3) types of economic systems: capitalism, planned economies (socialism and communism), and mixed market economies.
Problem 1. Describe the role of business in the economy. Problem 2. Compare and contrast the roles of for-profit and nonprofit organizations in the economy.
Consider the evaluation of marketing and determine which stage provided the greatest promise for this industry. Provide a rationale for your response.
THREATS in the macroenvironment. These include those aspects that you cannot control, but they are there - the economy, the competition, political/legal environment.