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Is this a good thing for consumers? On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.
Markets are a very good way to organize economic activity in our economy. Why do we classify price floors and ceilings as a type of market failure and why does the government need to get involved in
1. What are the benefits/challenges of being an entrepreneur and the benefits/challenges of working for someone else Which do you prefer 2. Of these, which do you think the US has in abundance
Suppose that the price of good x rises and price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curse as his old bundle. Compare the q
You have been hired by Nobody State University as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years,
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her
For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility
How would you use the information you have learned in this class to develop your own investment portfolio What investments would you hold, in what proportions, and why What is your level of ri
1. What do you think will be the basic problem of financing Social Security in the next 25 to 30 years 2. What would be the benefits of an open, free market for human organs 3. What do you think of a
The long-run equilibrium for a perfectly competitive industry occurs when the firms are earning economic profits of zero. Why would firm stay in business if it is making zero economic profits
a. Explain the decision process for a firm trying to determine the optimal quantity of a factor of production to employ. b. Explain the determination of the optimal level of pollution frrom the perspe
There are three primary methods of inducing firms to emit the optimal level of pollution: standards, taxes and transferable permits. Compare and contrast these three techniques: describe each and ex
a. Explain the relationship between the law of diminishing marginal returns and the shape of a firm's marginal cost curve b. The long-run equilibrium for a perfectly competitive industry occurs when t
The price of a stock is determined by the demand for and supply of that stock. Both demand and supply depend on investors' expectations of the future performance - future economic profits - of the fir
Consider the six reform proposals suggested by the authors at the end of this feature. Indicate why you believe each is either a good or a bad idea
It has been proposed that toll collection on the Massachusetts Turnpike, a key commuter route into Boston from the west, be discontinued. Proponents argue that tolls have long ago paid for the cost
Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents
Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that
What is foreign aid and what is the goal of foreign aid? Does foreign aid promote economic development? Explain briefly. Your response should be at least 75 words in length.
Describe the relationship between unemployment and real and nominal wages. Which is more important and why What effects would either an increase or decrease in unemployment have on wages
If the marginal product of capital net of depreciation equals 10 percent and the rate of population growth equals 2 percent what must be the rate of technological progress for the economy to be at t
Buying electricity off the freewheeling grid at one quarter 'til the hour for delivery on the hour illustrates: a. relational contracts with distributors b. vertical requirements contracts c.
How does the standard economic view of rationality relate to the concept of bounded rationality Which seems more realistic What does your answer imply about economic models
Who bears the cost of import barriers protecting a job where the industry employing labor has lost its comparative advantage Consider the use of tariffs on steel imports into the U.S. during the rec
Labor hours required to produce one unit of cloth in the united kingdom is 6. The labor hours required to produce one unit of cloth in the united states is 5. Which country has an absolute advantage