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The marginal utility of the last ounce of truffles is 500. Rebecca has not allocated her income optimally. Why? How can Rebecca change her allocation to increase her utility?
What would happen to the value of gold if people discovered that it could easily be made at home from inexpensive materials? Explain your answer.
Describe the growing factionalism within the Lakota nation. When does it first appear? What role did Red cloud play in the factional splits that occurred in the late 1860s and 1870s?
Calculate the Bertrand best response function for Clucks (an expression for PC in terms of PR). What price with Rooster4U charge and what price will Clucks charge?
Calculate the price and quantity associated with a monopoly outcome. Label this point on your graph. Also compute consumer surplus, deadweight loss, and industry profits.
Compute and graph both firms' best response functions and mark the Cournot equilibrium on your graph. (You do not need to calculate the equilibrium.)
You have been hired by Airbus to recommend pricing and marketing strategies. Draw a hypothetical Average Total Cost curve for planes. Draw a Marginal Cost curve for producing additional planes.
Show the effect on wages, employment, and output of open immigration from poorer countries if there are no restrictions on employment in either sector.
Calculate the deadweight loss from the tax. Could the tax be justified despite the deadweight loss? What tax revenue will be generated?
Are we, as a nation, insincere in our commitment to democratic rights and equality? How does Arthur Okun resolve this seeming contradiction?
Ron's Hamburger Joint is the only restaurant in town. The above figure represents Ron's cost, the market demand, and marginal revenue curves. Ron operates as a single monopoly.
with demands Q1 = 800 - 0.2p, Q2 = 400 - p, and Q3 = 700 - 0.4p respectively. Find the optimal price- quantity each market if the firm is able to price-discriminate.
If instead the Fed wants to stabilize aggregate demand, how should it change the money supply?f it wants to accomplish this change in the money supply using open-market operations, what should i
Forecast Accuweather's mercury needs for January, April, July, September, and December of 2007. What seasonal adjustment factor should them firm use for November?
while the marginal utility of the last cup of tea she had was 7. If the price of the tea is $0.70 per cup, what is the price of a cup of coffee?
They just booked their European vacation because of the dollar's high value. Why do Caterpillar and your parents have different opinions about the value of the dollar?
The current expected inflation rate is last period's actual inflation rate. Show in a diagram the path than real aggregate output and the inflation rate take over time.
Why the average price of a good falls during periods of high demand. What does this tell us about data and its use in decision making?
Let w denote price of the labour services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use?
Each of the estimated coefficientis statistically significant at the 95 per cent confidence interval. What is the optimal output level?
Derive the fundamental equation of the Solow model. What is the per-worker production function, y = f(k)? Country A and country B both have the production function.
What will the new equilibrium output rate be? Explain what happened to the profit maximizing output rate when input prices were increased
At the same time, economic experiments show that most people will opt to take $100 in ten years over $50 in nine years. Is such behavior rational? Explain why or why not.
Find the equilibrium price and quantity in the absence of government intervention. Suppose the government imposes a price ceiling of $3 per unit. How much is supplied?
suppose that household consumption decision suddenly become less sensitive to change in the rate of interest. How would this affect the slope and position of the IS curve?