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Compose a 200-300 word response to the following questions in a Microsoft Word file and submit your assignment below.
Define and describe the three functions of money.
Provide real-world examples of each of the three functions of money. Be sure these examples are related to either your personal or your workplace's experiences with money.
Suppose a firm faces the demand curve which gives a constant price elasticity of demand of -2. (Lerner Index) If the firm's marginal cost is constant at $2, what is the profit-maximizing price and quantity? If the firm's marginal cost increases to a..
What are the problems associated with the current educational system, where the public school has a monopoly on K–12 education in the local school district, and teachers are tenured?
If the marginal profit is negative for the sale of a certain number of units of a product, is the company that is marketing the item losing money on the sale? Explain. If the marginal profit is negative for the sale of a certain number of units,
Tomato Farms is selling tomatoes in a purely competitive market. Its output is 5000 bushels, which sell for $15 a bushel. At this level of output, the marginal cost is $15 a bushel and average total cost is $14.50 a bushel. Should the firm increase o..
Illustrate what output does the low point of ATC occur and illustrate what is the ATC at that output. Explain how your calculations.
The version of Okun’s law assumes that with no change in unemployment, real GDP (RGDP) normally grows by 3 percent over a year. If RGDP last year was $12,375 and the unemployment rate fell by 1 percentage point from last year to this year, what would..
Interview a small business owner and ask him or her about both the positive and the negative role of government in their business. Write a 2 page summary of your interview and include the questions you asked.
Illustrate want the government to impose a price ceiling on pump gas.
Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics,
Two manufacturing firm, located in cities 90 miles apart, both send their trucks four times a week to the other city full of cargo and return empty. Each driver costs $275 per day with benefits (the round trip takes all day) and each firm has truck o..
Suppose that James and bob live on the same street. In the winter both of them like the show on their street to be plowed. Bobs demand is given by Q=40-p and James demand ha given by Q=30-2p. Suppose that the marginal cost of plowing the snow is cons..
Fran who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carried for her father. She currently owes $120,000 on her personal residence and $120,000 on business property. What would be the tax consequences of each..
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