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How do you intend on altering your approach to problem solving in the future? If you could select one (1) aspect that you encountered over this term, what would you tell a future PHI210 student is the most important aspect of this course? Why did you select that aspect of the course?
The wait times at a gas station follows a uniformal distribution varying evenly from 0 to 300 seconds.
On average, you receive 2.6 pieces of junk mail a day. Assume that the number of pieces of junk mail you receive each day follows the Poisson distribution.
Toyota is considering building a production facility in Pakistan. On the Index of Economic Freedom (IEF), Pakistan scores a 99. Which of the following are reasons the IEF rating might cause Toyota to be hesitant about building the factory?
Which of the following options (alone or in combination) would you recommend that the Congress and the President pursue to reduce our projected Federal deficits and debt and why. Dramatically cut military spending. Raise taxes significantly on the we..
Assume that equilibrium real GDP is $800 billion, potential real GDP is $900 billion, the MPC is .80, and the MPI is .40. What is the size of the GDP gap? How much must government spending increase to eliminate the GDP gap? How much must taxes fall t..
Using economic concepts, describe why the policies toward CO2 and lead emissions from automobiles have been drastically different in the U.S. To do this, first describe the type of pollutant, the efficient allocation of each pollutant, the policy reg..
Why might a company choose to produce in one low-cost country rather than another? Now consider what new challenges come from producing in foreign locations. For your new global product/service: How should wage rates be determined?
A manufacturing company invests $100,000 in a new piece of equipment. Operating expenses for this new piece of equipment is estimated to be $4,000 starting EOY1 and increasing by $200 per year at the EOY2 and for the next 9 additional years. Draw a c..
Labor in Boom and Recession. Assume there is a labor force of 16 workers at an isolated site. During boom the firm faces a demand curve of P=100-Q. During recession it faces a curve of 80-2Q. Like likelihoods of Boom and Recession are 60% and 40%, re..
Home has 1200 units of labor available. It can produce two goods: indigo and tobacco. The unit labor requirement of indigo is 3, while in tobacco production the unit labor requirement is 2. What is Home's opportunity cost of producing indigo?
In recent years, Consumption spending has made up approximately 70% of total spending in the U.S. economy. Other than income, what are the main determinants of changes in the level of consumption spending in the U.S economy?
Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs.
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