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Microeconomics :sample question
1. Suppose the U.S. government decides trim the budget a wee bit by eliminating a couple of departments (and their corresponding bodies of regulations). Gone are: The Food & Drug Administration (FDA) and the Occupational Safety & Health Administration (OSHA).Briefly describe consumers' and workers' behavior after these bureaus (and their corresponding regulations) are eliminated.This is a very general question and there is no one absolutely correct answer. I will be looking for sound economic reasoning above
2. Strictly in economic terms, are children normal or inferior goods? Construct your argument in terms of the income elasticity of demand. Be sure to include brief definitions of normal and inferior goods.
3. Describe the Tragedy of the Commons, provide a contemporary example, and offer a potential solution.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
This product, called Red Hat Linux, is a potential replacement for UNIX and other well-known operating systems. If you were in charge of pricing at Red Hat, what strategy would you pursue? Explain.
Illustrate what is the point price elasticity for each person and for the market.
Illustrate the difference among dollarization, a currency board, and a fixed exchange rate regime. Do you know of any countries that have recently adopted dollarization.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
Create a graph that shows Price on the Y-axis and Q demanded and Q Demanded and Q supplied on the X-axis.
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Compute the steady state levels of population. How might we transition between these two steady states and growth during the Malthusian regime?
A monopolist sells in both Milwaukee also Cleveland and has identical marginal price of 8 in each market.
Describe the point price elasticity of demand. What is the new point price elasticity if price is raised.
Aztec depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising-What is Aztec's elasticity of demand for advertising?
Elucidate two reasons a single minimum salary might distort the labor market for teenage workers more than it would the market for adult workers.
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