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1) How are scarcity, choice, and opportunity cost related?
2) What are the effects of an increase in the minimum wage in the U.S. economy? Who would be most affected?
3) Why is elasticity of demand greater for goods that are a large share of a consumer's budget?
4) What is the difference between accounting profits and economic profits? Which of the two concepts is more appropriate for explaining decisions made by entrepreneurs? Explain.
5) Differentiate between the short run and the long run? What is the appropriate time dimension of the long run?
You read in a business magazine that computer firms are reaping high profits. Assume that the computer market is perfectly competitive.
Explain why do you think maximising sustainable yield is often suggested as the appropriate goal of fishery.
Discuss how your expected and disposable future income, after receiving your college degree, may change your saving and investment decisions and transactions in the loan able funds market
What is the solution of the Solow model for consumption per person in the steady state, c ∗ = C ∗/L∗ ? How does each parameter in the solution affect c ∗ , and why?
Calculate the expected annualized compound rate of return over the five years for each bond. Which bond offers the higher expected compound rate of return?
q.assume your company is considering three health insurance policies. the first policy requires to tests and covers all
q. suppose there are two consumers a and b. the utility functions of each consumer are given byuaxy xyubx y 2x ythe
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did not have minimum essential coverage for 9 months in 2014. Compute Susan's individual shared responsibility payment for 2014. Do not round your calculat..
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative?
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
In February 2003, Germany’s patent office proposed a solution to reimburse copyright holders for illegal digital file sharing: charging personal computer manufacturers a fee of $13 per computer that would go into a special fund to reimburse the copyr..
Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table, Kristen can make 15 wristbands per hour but only 3 pot holde..
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