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The following events occur one at a time in the market for cell phones: Explain the effect of each event on the demand for cell phones. Does any event illustrate the law of demand?
Is she buying the utility maximizing combination of bread and milk? If not, how should she reallocate her expenditures between the two goods?
Suppose your town decides to levy a tax to raise funds for construction, maintenance, and other expenses for local schools. Should the tax be proportional, progressive, or regressive?
Show how the consumers opportunity set changes if income increases by $400. How does the $400 increase in income alter the market rate of substitution between goods X and Y?
Suppose workers are paid $12 per hour and the price per pizza is $10. The value of marginal product of the fourth worker is___per hour.
Some say that we should propose an amendment to the U.S. Constitution that would require a balancing the federal budget every year. Should the U.S. pass such a requirement?
Under what circumstances would Gore be better off giving Bush a head start on putting together his presidential ticket? What kind of strategic situation is this?
Using production theory, explain what will happen to the capital- labor ratio in both the short run and the long run.
Using the midpoint formula, what is the price elasticity of demand between: (a) $11 and $9; (b) $9 and $7; (c) $7 and $5?
In order to make the calculations simple, assume that the annual capital cost is 10% of the total investment. At what production quantity ?these two investment are opportunities?
A Nash equilibrium in the duopoly game occurs when each player takes the best possible action regardless of the strategy chosen
The value of the marginal product of the new quarterback equals $800,000, to maximize their profit, the Dolphins should?
Assume the short-run average total cost for a perfectly competitive industry decreases as the ouput of the industry expands. In the long-run, the industry supply curve will?
After reviewing the statement, company managers are concerned about the loss on Version Z and are considering ceasing production of that version. Should they do so? Why or why not?
Indicate the change in the number of Chevrolets purchased per year (Qc) for each unit change in the independent or explanatory variable. Derive the equation for the demand curve for Chevrolet.
Compute total, (TP); marginal, (MR) and average, (AP) products and determine the input level where diminishing returns begins.
Opponents of legalization argue that lower drug prices would lead more people to use drugs. What do you think? How can price elasticity help?
Hiring one additional worker will increase output by five units per hour. Tucker should hire the additional worker only if the wage rate is?
Draw a diagram to illustrate the state of the economy .Be sure to show aggregate demand, short-run aggregate supply, and long-un aggregate supply.
How low must a quota be in effect to have an impact? Illustrate and explain the net welfare loss from imposing such a quota.
What would be the full increase in real GDP from the change in government spending assuming that the aggregate supply curve is horizontal across the range of GDP being considered?
How does the economist's use of the term rent differ from everyday usage? Explain: "through rent need not be paid by society to make land available.
Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?
What factors determine the intensity of rivalry in an industry? Is the intensity of rivalry in the PC industry high or low? Why?