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The nation passes a law requiring all employers to give their employees 16 weeks of paid vacation each year. Prior to this law, employers were not legally required to give employees any paid vacation
Does the principle of “increasing opportunity cost” hold in this nation? Explain briefly. (Hint:What happens to the opportunity cost of bread—measured in number of ovens—as bre
As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.”Do you agree or disagree with
Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern.
People who drive hybrid automobiles recycle their trash more than people who do not drive hybrids. Therefore,recycling trash causes people to drive hybrid automobiles.
The Confab Company spends $1 million to build a new branch plant that will probably be in operation for at least 10 years.Alex’s father owns a small grocery store in town. Alex works 40 hours a
How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use the notion of opportunity cost in your answer.
Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: [Refer the attachment, table2] Now add the old demand sche
Before EA started price discriminating, how much consumer surplus was the Type A demand getting from air travel to Honolulu? Type B? Why did the total surplus decline with price discrimination, even t
Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8 Y . Assume further that planned investment I g and net exports X n are independent of the level of
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labo
What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50.
Would Natasha be willing to buy insurance to protect against the variable income associated with the new job? If so/how much would she be willing to pay for that insurance? (Hint: What is the risk pre
Richard is deciding whether to buy a state lottery ticket. Each ticket costs $1, and the probability of the following winning payoffs is given as follows: Probability Return .5 $0.00 2.5 $1.00 .2 $2.0
The City of Rochester is thinking of expanding its airport. The expansion will increase travelers' consumer surplus by $100 and airlines' producer surplus by $200, while costing taxpayers only $50. Ho
Suppose a freeze in Florida destroys part of the Florida orange crop. a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze.
The makers of Tylenol pain reliever do a lot of advertising and have very loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the low
Suppose that the president proposes a new law aimed at reducing heath care costs: All Americans are to be required to eat one apple daily.
Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?
The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the dangers of cigarette smoking
Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each pric
Write a paragraph in which you describe the conditions under which a Web site could become profitable by relying exclusively on advertising revenue. In second paragraph
If the probability of a newborn child bieng female is 0.5, find the probability that in 100 births, 55 or more will be female.Use the normal distribution to approximate the binomial distribution.
Consider a perfectly competitive market with an upward sloping market supply curve. Explain the effects of a decrease in supply for the equilibrium price and quantity as well as the total amount of sp