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Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
If someone were to come along and reallocate (redistribute) the endowments so that they were exactly the same for everyone, what do you think would happen? From a social perspective,
Show the effect on the U.S. new construction residential housing market in the event of a severe economic recession. Show the effect on the U.S. air travel market if American Airlines unexpectedly fol
Each of the two consumers has a marginal damage MD(e) = e, where e in this case is the total amount of emissions the consumer is exposed to.
Explain how socio-cultural differences create problems for Walt Disney in opening parks overseas. Use examples from the text of social and cultural differences between different groups of people in
A firms current profits are $550,000. These profits are expected to grow indefinitely at a constant rate of 5%. If the firm's opportunity cost of funds is 8%, determine the value of the firm:
Marketing has found that customers are satisified with 18% blue paint in the mixture. If the cost of G1 is $7.50/gallon and G2 is $13.50/gallon. What % og G1 must be mixed with G2 to satisfy custome
Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank, if possible, your most preferred
Identify four key points from the reading assignments that were emphasized in the simulation. Define absolute and comparative advantage. Describe the influences affecting foreign exchange rates.
Provide an explanation of GDP, unemployment, and inflation as measures of economic activity. Discuss the 3 measures. Please read the expectations in the task list and basically answer the two topics
List at least one advantage and one limitations of International Trade as identified in the simulation. Identify four key points from the reading assignments that were emphasized in the simulation.
You own a local sub shop in a college town. You primarily serve two groups of people: local residents (both students and other local residents) and visitors to your town. Devise a price discriminati
In the short run, a firm's total costs of producing the hundredth unit of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. What is the marginal cost of t
Suppose 200 videotapes are rented when the price is $4. If the price drops by $.80, the number of videotapes rented increases to 220. Which of the following statements about the non-arc price elasti
Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. Wh
What are the historical trends and current state of the federal budget and deficit spending? Should the federal budget be balanced? Is this really necessary? What are the benefits of a balanced budget
How does the existence of money reduce the costs of making transactions, relative to a society based entirely on barter? English is becoming the usual language for international transactions.
If the cable TV company is worried about disgruntling customers, suppose that thge company may introduce a different type of programming that is cheaper for the company to provide yet is equally app
Suppose that clean srings water c ompany has a monopoly on bottled water sales in california. suppose that the price of tap water increases. which is the change in the profit maximisation price and
How will a successful campaign that decreases the supply of drugs influence the price of drugs and the amount spent on them? What will happen to the amount of crime?
What is distinctive about an absolute scale (i.e. what kind of information does it preserve, or what kinds of transformations yield another absolute scale)? What is distinctive about a ratio scale (
Consider the following data on U.S. GDP:Year Nominal GDP GDP Deflator. What was the growth rate of nominal GDP between 1996 and 1997?
What is productive efficiency? Explain it with professor Colander production possibilities frontier (PPF)
Assume Ronald's preferences between healthy vegetables and unhealthy hamburgers can be represented by a family of indifference curves and that the price of vegetables is twice that of hamburgers.