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Start with your factors of production on page 34 and then briefly describe whether these resources were allocated efficiently. Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household.
You live in the national economy, your state economy, your regional economy, and your own household economy. The many decisions you must make affect efficiency and fairness at all these levels. Think about your household economy. Make a spreadsheet and on it identify all the factors of production that your household owns. Counts all the person-hours available and any capital. Show how these resources are allocated.
By what methods are your households scarce resources allocated? Identify those allocated by the market price; by command; by first-come, first served; and by equal shares. Are any resources allocated by majority vote?
Now the tough part: Are these resources allocated efficiently – is the value of your household’s resources maximized? Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities.
And now an even tougher question: Are your household’s resources allocated fairly? Think about the two idea’s of fairness and how they apply in your household.
You learned that Texas has a tax system that is generally “regressive” because it relies heavily on sales taxes rather than income taxes. What are the definitions of regressive, flat, and progressive when it comes to taxes? Why a sales tax is conside..
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
When using regression to combine forecast of the same Y variable derived in with various methods how do you determine the best forecasts to include in the model?
one year later, the new class discovered that, at a price of 30 cents per can, the number of cans has fallen to 125 and two revenues are down. (A) Compute the price elasticity of demand in the first and second cases. (B) Explain what may have happ..
A worker in Rhode Island can produce 1 pound of corn in 15 minutes and 1 pound of shucked oysters in 10 minutes. A worker in South Carolina can produce 1 pound of corn in 20 minutes and 1 pound of shucked oysters in 60 minutes. Which state has a comp..
Point out which costs in the preceding question are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
Equilibrium GDP is $5000 while full employment is $6000. What kind of gap is this? What would the Keynesians say the government should do? The correct economic policy would cause Aggregate (Demand or Supply) to (rise or fall)?
Explain how they will help to improve the GDP as a tool for measuring the well-being of a nation.
The principle of opportunity cost is that
In looking at GDP we see that not all aspects are counted. Do you find that the items like buying a home or a used car should be counted in GDP?
The increase in demand for iPad tablet computers can be explained by: An increase in the real income of a consumer is one result from an increase in the price of a product that the consumer is buying.
q1. during a coffee-room debate among several young mbas who had in recent times graduated among all one of the young
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