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Use the ideas of consumer surplus and produces surplus to explain why economists say competitive markets are efficient. Why are below-or above equilibrium levels of output levels inefficient, accord
explain under what conditions zero would be the equilibrium quantity? if a market is in equilibrium is ti neccesarily true that all buyers and all sellers are satisfied with the market price? expla
If a regulator sets the price equal to the natural monopolist's marginal cost,
Analyze the models of oligopoly and from any other reading you have done, and create at least one recommendation for improvement. Explain your rationale.
Explain how (if at all) each of the following events will affect a country's production possibilities curve. A devastating earthquake destroys numerous production facilities.
Many firms today use 360-degree performance evaluations. Make a case for this type of evaluation based on the informativeness principle. What problems may be encountered from implementation of such
What are the different forms of social media that exist today? Provide examples of different social media and their primary purposes. What are the greatest benefits of social media for individuals an
What share of GDP is composed of consumption? What share of GDP is composed of investment? What share of GDP is composed of government spending?
Pharmaceutical drugs have inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each pric
On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas
If Paul's roomates wish Paul to accept their restrictions voluntarily, how much extra income would they have to give him to do so?
What is the value of gross private domestic investment? What is the value of net investment? Are any intermediate goods counted in gross investment?
Buy equal numbers of songs and DVDs. Furthermore, suppose songs cost $6.6, DVDs cost $8.2 and Paul has an income of $172.6. What is his utility?
What are the three main regulatory commissions of industrial regulation?
Vasco's utility funtion is U = 10X ^ 4.3 Z^5.1. The price of X = $ 12.1, the price of Z = $10,and his income is Y = $330.7. What is his optimal consumption of X?
Now say a wave of technological advances increases productive capacity toY = 4N^1/ 2. Domarkets clear now when the wage equals two? Do we know whether the equilibrium wage is higher or lower than tw
Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y bundle J. At bundle J Mitchell's MRS is 2. Given these prices and income, what is Mitchell's equilibrium consumption o
Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth affects consumption, investment, and the real interest rate. Does the nominal inter
Draw a demand and supply graph to illustrate the effects of these changes in the market for childcare services purchased will increase or decrease as a result of this regulation.
Suppose that campus authorities reduce the supply of alcohol on cmapus. use demand and supply graphs to illustrate the impact on the campus alcohol and marijuana markets?
What is the cross-price elasticity between Jim's car washes and Clean Car? Jim has heard a reliable rumor that Clean Car plans to cut price again to $5.00. Assuming that the cross-price elasticity is
Can you argue that its behavior represents an anti competitive practice in the chip market itfelf, an attempt to crown out AMD, Cyrix, and the other small processor manufacturers?
Given 2005 data where nominal money supply (M1) $1,374.5 Billion, nominal interest rates is 6.89%, the consumer price index is 195 (1982-84 prices), and inflation rates is 3.4%, compute the current
If the government imposes a ceiling of $6 on the price of the firm's product, what output will the firm produce and what will be total profits?
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers?