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Many people buy too much on their credit cards, even though they know they will be sorry when they get their credit card bill. Relate this fact to the idea of time inconsistency.
If the price of DVD players declines by 20 percent and the total revenue from the sale of DVD players rises, what can you say about the price elasticity of demand for DVD players?
Explain the relationship between MC and AVC that causes MAC to intercept AVC at AVC lowest point with economics
Maintenance cost for a small bridge with an expected 50 year life are estimated to be $1000 each year for the first 5 years, followed by a $10,000 expinditure in the year 30. If interest=10% per ye
In your opinion, which of the 3 determinants of macro performance (internal market forces, external shocks, and policy levers) would you consider the most important in terms of gauging the success/
Imagine that an environmental regulation will increase the demand for particular good, increasing gains from trade in that market. Further, imagine that supply of this good might be relatively elast
Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, what was the real interest rate you paid?
What is the per worker production function in terms of capital-worker ratio? Based on this information, calculate: capital per worker and output per capita in period 1 and 2
If consumers often purchase muffins to eat while they drink their lattés at local coffee shops, what would happen to the equilibrium price and quantity of lattés if the price of muffi
A market is supplied competitively by 50 low-cost firms, each with cost curve Cl(q)=350+2q+q2 and n high-cost firms, each with cost curve Ch(q)=400+2q+q2. Market demand is Q=2500-10p. If none of th
What's the likely bargaining negotiation outcome if the advertisers bargain by telling each newspaper that they're going to reach agreement with the other newspaper, so the gains to reaching agreeme
What makes forecasting turning points difficult? What methods do economists use to forecast turning points in the overall economy?
There are federal and state laws setting minimum wages for workers. There are also city laws setting price ceilings for housing rents. Why are there laws setting minimum wages for workers and maximu
Suppose that in 2001, the price of roses was $45 per dozen and 96,000 dozen were sold in Ohio. In 2002, the price of roses was still $45 per dozen, but total sales increased. Adjust the following g
Comment on this trade off between equity and growth. 2. How would you go about resolving the issue if you were the president of a small poor county?
In the first half of the twentieth century AT&T held an almost total monopoly on local and long distance phone service. The firm charged a price for local telephone services that was roughly one
The price of a base model ford explorer sport utility vehicle (suv) and the quantity of explorers sold. do these data indicate that the demand curve for explorers is upward sloping? explain.
What is the logic of producing winter clothing in countries whose residents have very little demand for such clothing?
According to the neoclassical theory of distribution, the real wage earned by any worker equals that worker"s marginal productivity. Let"s use this insight to examine the incomes of two groups of wo
Suppose that at the current price, the price elasticity of demand for a campus film series is 1.40. If the objective of the film society is to maximize its total revenue (price times the number of
What are some factors that might affect the opportunity cost of homemade lunches? How would changes in the opportunity cost affect the strength of the income effect vs. the substitution effect?
That marginal benefits must outweigh marginal costs for you to undertake an activity. Can you still follow the principles of economics, without violating your moral principles? Explain.
Suppose that an unexpectedly rapid growth in real income abroad leads to a sharp increase in the demand for U.S. exports. What impact will this change have on the price level, output, and employmen
The principle of comparative advantage does not provide answers to certain questions. One of those questions is as follows:
Where x is his wealth if heads comes up and y is his wealth if tails comes up. what is the equivalent certain income to this bet? show your work.