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Do architects have a responsibility to our society, or should they be able to design whatever they want?”
Obviously, architects must design buildings that are safe for people to live in, but what about size, shape, appearance, and materials? Artists can make their paintings and sculptures in any shape and color as they please. Should architects do the same with their buildings?
What can happen if an artist makes a really ugly painting? What happens if an architect makes a really ugly building?
Did the modern architecture of the 20th century affect society in a bad way? At the time, everyone agreed that modern design would solve most of society’s problems, like crime and hunger. Did modern architecture help these social problems or did the modern movement make things worse?
Write down the total and marginal revenue functions (d.) Suppose there is a 4 % increase in advertisement. What will be the effect on demand?
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Use a model of the money market to explain why changes in nominal or money GDP are associated with changes in interest rates.
Which type of industries would make the most use of short-range forecasts? Which would make the most use of medium-range forecasts? Which would make the most use of long-range forecasts? Why?
Suppose that your demand curves for gadgets and widgets are both straight lines but your demand curve for a gadget (DG) is much more elastic than your demand curve for widgets (DW). Draw a graph that illustrates your demand and transactions for gadge..
In 2008 the Federal Reserve took pretty extraordinary measures in an attempt to stabilize the economy. What will the inflation rate be? How low can the Federal Reserve lower the Real interest rate*? How much output is recovered? Is it enough to push ..
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products.
Explain the difference between Macroeconomics and Microeconomics. Also explain how economics is used as a social science and as a policy tool.
When you double the amount of workers (inputs) you hire, and your factory’s production (output) quadruples, then you are experiencing:
Identify the four major tools of monetary policy. Describe how a change in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contraction monetary policies.
Assume a firm has a patent on one of its products whose sale generates $32,700/year more revenue than production costs. If the annual interest rate is 20 percent, what is the market value of this patent.
Economists’ models generally produce solutions that allow polluters to continue polluting to some degree. Why do economists favor allowing some pollution to continue? Provide a simple model that yields that result, explain the argument, and comme..
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