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What might be the objective of a museum? Of a firm? What are the basic steps in all types of decision making processes? Apply the decision-making model developed to your decision to attend college.
Determine the equilibrium price and quantity suppose a $6 exisice tax are impose on the good. Determine the New equilibrium price and quantity.
Suppose that the existing firm can produce a single variety of chocolate only. What variety should it produce, and what price does it charge?
Choose the two commission recommendations you agree with the most and the two you disagree with the most, and write an explanation to the President explaining your 4 choices.
By how much would the demand for imported TV sets in the United States change as a result of both the change in price and in incomes?
While its real deficit is rising 5 percent a year. Can the country continue to afford such deficits indefinitely? What problems might it face in the future?
Draw a graph that shows the demand schedule, the proposed price and the anticipated quantity demanded. Calculate the anticipated total revenue, total cost, and profit.
Return of $300 in the second year. Assuming you use 7% as the interest rate and 3% as the rate of expected inflation, what is the present value?
Some workers would be willing to work for $10/hour. If half of the labor hours are completed by the previously unemployed workers, what is the opportunity cost of the labor employed?
Illustrate a long-run equilbrium using diagrams for the gold market and for a representative gold mine. show what happens in the short run to the gold market and to each existing gold mine.
What happens to the cost curves of an individual boat-making firm and to the market supply curve. What happens to the profits of boat makers in the short run? What happens to the number of boat make
What are the marginal and average tax rates for each of the following three workers? Is the tax progressive, proportional, or regressive with respect to income?
An average real return of 5% per year, and then use the proceeds in 100 years to repair the damage from climate change. Is the critic correct? Explain why or why not.
The demand for labor is elastic because the demand for labor will decrease more when you have elastic demand than if demand were inelastic." Explain why, using hypothetical numbers to illustrate you
Why is it important to use the present discounted value of future revenues or expenditures when making an investment or public budgeting decision?
Is the pricing decision facing Alpha and Beta a prisoners' dilemma? Why or why not? If Alpha and Beta make their pricing decision just one time, will they choose the cooperative outcome? Why or why no
As far as Bill is concerned, what are the present values of the project's benefits and costs? If the city choose between the subway project and the legal services project, which should it select? "
Again, thinking in terms of marginal propensity to consume, under what circumstances would your tax proposal increase total consumption spending?
Consider three products: all types of food, all dairy products, and 2% milk. If a tax were to be imposed on one of these items, for which item would the tax be the most efficient?
A monopolist has the following demand equation: Q=200-2P. Its marginal cost function is MC=10+2Q. Calculate the tax incidence of the buyers and the monopolist.
The cost of pollution (in billions of dollars) originating in the paper industry is. At this level of pollution, what is the marginal cost of pollution?
If the substitution effect were defined as in part d, how would you define "the income effect" in order to get a complete analysis of how a person responds to a price change.
An increase in an effective minimum wage will a) increase the number of people looking for work and decreases unemployment.
Is your explanation consistent with the fact franchised tutoring services often charge a fixed royalty per student enrolled?
The required reserve ratio is 10%. How great an open market purchase or sale of securities should the central bank undertake to restore the original interest rate i.e. what is the values of purchase