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1. Suppose that a local government decides to provide more funds to the local police department in order for the department to hire additional police officers. Is there an opportunity cost of this action? If so, how would you measure it?
2. Michael Jordan has more athletic ability than most individuals. Thus, he is more productive at most tasks involving physical skill. Explain why then, it is more efficient for Michael Jordan to pay someone else to mow his lawn.
3. Because of the quantity and quality of its resources, the U.S. has an absolute advantage in the production of many goods and services. Does this imply that the U.S. cannot benefit from trading with a developing country that has less productive ability? Why or why not?
4. Explain Ricardo's theory of comparative advantage
Assume you were doing lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was,
Illustrate what will the new level of nonborrowed reserves. If interest rates do not change, what will be the new level of total reserves.
Leigh will use 16 connecting cubes to make a model of a playground.The model will be in the shape of a rectangle and will have a heigh of one cube. in how many different ways can leigh make the model of the playground.
in professional sports the decisions about tv contracts salary cap free agency entry in to a new market are made by
Analyse the economic situation in Greece since the financial crisis, the effects the austerity measures have had and may have on the economy, and provide a recommendation to future policy makers.
Draw up a payoff matrix to illustrate your strategy and what are the likely implications of this for consumers
Assume the probable impact of competing producers raise their prices. Assume that the initial claues of Px, i, pc are $1, $20,000 and $0.80 respectively.
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be th..
you decide to estimate the following quarterly sales forecasting model for new boat sales in your local countyqt a bt
Using summation notation, write an expression for the Net Present Value expressed in real dollars, assuming the cost of medical care will rise 3 percent faster than other prices. Using summation notation, write an expression for the Net Present V..
The cost function for Lilac Ltd.is given by TC = 500 + Q^2. It sells output in a perfectly competitive market and other firms in the industry sell at a price of $100.
1.Suppose the equilibrium price in a competitive price taker market is $10 and a firm in the industry charges $9 which of the following is true? a-the firm will not be able to sell any output b-the irm will sell less output than its competitors c-t..
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