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What are some of the damaging effects deflation has on an economy? What would be a monetary policy prescription to reduce or eliminate deflation? How would deflation affect your business or a busine
the salaries of players in some sports are generally significantly higher than the salaries of players in some other sports. How does this make sense using supply and demand in a market in equilibri
Define the law of diminishing marginal utility. Provide an example. Demonstrate, using supply and demand analysis, the effect on the equilibrium price and quantity of new hybrid automobiles when the
With the doubling of exports to $3 billion, the U.S. trade balance will turn from the deficit to a surplus of $1 billion (= $3 billion - $1.95 billion) by 2015. "What could the U.S. government do to
All of the following are regulatory commissions dealing with industrial regulation (as distinct from social regulation) except the:
Find the utility maximizing combination of apples and oranges if oranges cost $4 each. Explain why the consumer didn't choose the bundle of 3 apples and 4 oranges.
Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserve ratio is 25 percent, the banking system can expand the supply of mon
If the price of baseball tickets is $12 each and hockey tickets are $20 each, draw the budget constraint for the consumer. Be sure to specifically label each intercept.
Calculate what the long-run equilibrium price level is and what the expected price level is under each response by monetary policymakers.
Why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model?
Using the Grapher tool, create a graph showing what the short-run effects would be and what would happen in the long run. Give reasons to explain what the government would have to do to keep the unemp
A simple Keynesian income determination model of an economy is described by the following equation
Why does the assumption of independence of risks matter in the examples of insurance? what would happen to premiums if the probabilities of house burning were postively correlated?
Determine whether each of the following would cause a shift of the aggregate demande curve, a shift of teh aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What
Price high or price low. The profit from each of the four possible combinations of decisions is given in the following payoff matrix: Does either firm have a dominant strategy.
Why doesn't the National Bureau of Economic Research identify the turning points in economic activity until months after they occur?
Prepare an appropriate initial tableau. Obtain an initial feasible solution using the least cost method
Design a new product. "Build" your new product. Explain each step (5 step minimum) in the building process and how much waste is produced at each step and where it ends up.
What fiscal and monetary policies would you recommend in order to close a recessionary gap? What expansionary polices would you recommend?
Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising due to improvements in technology that allow more output to
The cheating firm earns $10.00 and the one that does not cheat earns -$5.00. If both cheat they earn zero profit. Represent the results in a normal form game.
Economist Milton believes that expectations of inflation change quickly in response to new policies, whereas economist James believes that expectations are very sluggish. Which economist is more li
President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain what President Roosevelt might have been t
Tyler purchases 5 pounds of hot dogs per month when his monthly income is $2,000 and 4 pounds of hot dogs per month when his monthly income is $2,200. Tyler's income elasticity of demand for hot dog
Compare the market for an Ivy league education before and after 1991. Predict what has happened to the efficiency of the market, to the distribution of producer surplus and consumer surplus, and to d