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1. Many of the things discussed in these first chapters implied rational behavior by consumers; in fact economics analysis depends on it. Does this application suggest that consumers do not always act rationally? If not, how do we make economic judgments?
2. Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit, give an example?
3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves you have seen in this chapter, which is more likely in businesses?
Describe how the ice cream industry fits the oligopoly model and, how does the government influences oligopolistic behavior and do oligopolists always compete on the basis of price?
At which rate will there be an excess supply of money? What does this mean? Describe in detail the adjustment process in the money market when there is an excess demand for money.
Evaluate the forecast error measures and residuals to determine if the error is acceptable or has systematic variation. Write conclusion relative to the acceptability of the forecast.
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
What is adverse selection? How does it harm the economic process and what is moral hazard? What are its consequences
Find Total Revenue or profit
Calculate the life years lost due to car accident for a 28 year-old driver and Identify and indicate which treatments are dominated for elimination.
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
A typical university football event need alumni to join one of many booster club before the person can buy season tickets.
Current concerns stem from the fear that if medicare remains an open ended program, its share of the federal budge will continue to increase over time. Prepare a brief memo examining "a freeze in physicians' fees and a requirement of mandatory ass..
Delta Electronic Services is an electrical utility firm serving parts of several states. It is planning replacing some of its machine at generating substations and it trying to decide whether it should replace an older,
Monopolies are inefficient because A. a monopoly firm must compete, and competition is expensive B. a monopoly firm will always produce where price is equal to average total cost C. inefficiency is a barrier to entry D. a monopoly firm has no ince..
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