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1. In case of a Giffen good, income effect dominates substitution effect.
True or False
2. All the points along the demand curve share the same elasticity.
3. Production function q = 2L + 3k^2 exhibits increasing returns to scale.
True or false?
4. Assume that utility function is U(x,y) = xy2. The marginal rate of substitution between x and y changes if the amount of both goods doubles.
5. The marginal cost curve passes through the minimum point of the average fixed cost curve.
for example, after you explain opportunity cost in your own words, you can give the example like, “after you graduate with a BA/BS, the opportunity cost to go on to the graduate school is your work experience and salary.)
The marginal revenue received by a firm in a perfectly competitive marketplace is illustrating what
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Are common resources public goods? Why?
Treasury funds national debt by a mix of T-bills, T-notes, and T-bonds with maturities of 10-30 years. During President Clinton's administration Treasury proposed that by issuing more T-bills
Fearing inflation, it wants to increase taxes so which the net change in the equilibrium level of GDP is zero. By Elucidate how much taxes should be increased
Suppose minorities form 29 percent of a local population. A local business has 125 employees of which 28 are momorities. Did the business discriminate in its hiring practices? Write the null and alternative hypotheses. What is the value of the test s..
Show whether or not the above production function exhibits diminishing marginal productivity of labor. Determine the nature of the Return to Scale as exhibited by the above production function.
Elucidate and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
Explain how many histories/game tree nodes are there where P2 has to move? P1.
If mary decided to go on the road trip, what is her opportunity cost?
Offering group medical coverage to large firms and requiring all employees to participate in the coverage.
Certainly there is a market for violent gaming, but I wonder if there is an ethical line that companies chose not to cross. For example, there are presently several games on the market that allow players to rape women. And then there is the issue of ..
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