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1. How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)?
2. When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this concept. For example, how does your mom get you to do chores? Or how do you control for shirking by those group members with lower GPAs, who have less to lose from poor individual performance?
3. Find a newspaper or magazine article that highlights a perfectly competitive situation. Write a 1-page paper on the economic performance of this market in terms of efficiency, costs, and profit.
Can you tell from the available information which product will generate the most revenue? If yes, why? If not, what additional information do you need?
Explain why supply is more elastic in the long run and explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
What is the impact of a demand-side approach to affordable housing needs, such as federal subsidies to households, compared to a supply-side approach -- such as the LIHTC, that contributes to the production of affordable housing units?
What is total U.S. government revenue from the tariff and if trade opens up, what will be the quantity of U.S. imports?
Two machines are under consideration for a new production line. Machine X costs $50,000 and is expected to have a salvage value of $6500 at the end of its useful life of 5 years. It will have a fixed cost of $16,000 per year and a variable cost of $5..
the daily demand for hotel rooms on manhattan island in new york is given by the equationqd 250000 - 375p. the daily
Explain why government regulation is needed in in the Apple ipad industry stating the major reasons why government involvement in a market economy.
Presume that the demand curve for wheat is, How do the equilibrium price and quantity change?
What is the relationship between a monopolist's demand curve and the marginal revenue curve. 2. Draw a graph that shows a monopolist earning a profit. Be sure your graph includes the monopolist's demand, marginal revenue, average total cost,..
Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that has a relatively elastic demand and a relatively inelastic s..
the study of government regulation and the competitive environment for business is relevant to all those who study
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