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DQ #1: What would be a situation in your personal or professional life in which you use or could use marginal analysis to make a decision? How do you determine the marginal benefit and marginal cost of the decision? You should illustrate your answer with a numerical example. Why do economists believe that managers should use marginal analysis to make optimal business decisions?
DQ #2: What is more important to a manager Marginal Revenue or Marginal Profit? Provide examples. What Shutdown Rule means for a business entity? Should managers opt for a shutdown decision if the company is selling below its Fixed Costs? Explain your statement.
Can you see any practical problems that might arise in following such a policy? How do your previous answers change in the special case where money demand does not depend on the expected rate of inflation?
Children in poor neighborhoods have bleak outlooks on life and do not see much gain to studying. A recent experiment is paying children in poor neighborhoods $100 for each “A” they earn in a six-week grade reporting cycle. How does this affect behavi..
Can an individual be both pro-union and pro-employer, or does being pro-union mean one has to be anti-employer? Can an individual be anti-union and still legitimately claim to support pro-employee interests?
Some economists argue that it is possible to raise the standard of living by reducing population growth.
When the average default rate increases, the interest rate paid by all borrowers goes up. This is related to the risk premium on interest rates. There are 10,000 borrowers in an economy each of whom borrows $100 for a 1 year loan. The lender could al..
Calculate gross national product and net national product
What motivated Europeans to initiate and undertake perilous voyages of exploration and discovery from the late fifteenth century onward? How was this related to the growth of the European nation-states? Who was most successful in these endeavors?
In an auction, potential buyers compete for a good by submitting bids. Adam Galinsky, a social psychologist at Northwestern University, compared eBay auctions in which the same good was sold.
Assume Al and Bob are fans of the Chubs. Their willingness to pay for Chubs’ preseason and regular-season games is noted below. Pre-Season: Al = 200 Bob = 300 Regular-Season: Al = 800 Bob = 600 If the Chubs were to sell the pre-season and regular-sea..
If market inverse demands in two markets are p1(Q1) = a1 − b1Q1 and p2(Q2) = a2 − b2Q2 and the firm produces according to C(Q1, Q2) = c1Q1 + c2Q2, determine the firm’s optimal quantity, price and profit level.
The domestic supply-and-demand diagram below represents a product in which the United States does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity?
What price should the leader charge to drive all the small firms out of the market? Write the marginal revenue function of the dominant firm.
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