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On a set of axes, sketch a concave production frontier. Starting near the midpoint on the production frontier, use arrows to show that the nation incurs increasing opportunity costs in producing more of X (the commodity measured along the horizontal axis) and in producing more of Y. How does the slope of the production function change as the nation produces more of X? How about more of Y? What do these changes reflect?
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show a shift in demand and supply, and why it has occurred (non-price determinants). Describe all changes. Show in two or more graphs and use 2 examples for each - supply and dema..
In this discussion, you will compare and contrast monetary and fiscal policies. Consider two recent national crisis points: 9/11 and the banking failures of 2008. Was fiscal or monetary policy more immediately responsive to each crisis? Why? Was fisc..
What is the inflation year over this year? What nominal or money interest rate would the investor receive?
Elucidate how do the GDP per capitals change after accounting for price indices.
If the economy is competitive so that factors of production are paid the value of their marginal products, illustrate what is the share of total income that will go to land.
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would t..
You are the manager of a monopoly that faces a demand curve described by P = 85 - 5Q. Your costs are C = 20 + 5Q. The revenue maximizing output is
List the ways by which a party to a contract can cause a fraudulent misrepresentation to occur. Give an example for each way that you list. Identify the similarities and the differences between fraud, misrepresentation and mistake.
Eddies precision shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. Eddie uses a MARR of 15 perce..
If the marginal cost is a constant of 6, would that mean it is an economy of scale or diseconomy? My first thought was that it would be a diseconomy since I thought MC needed to approach zero for very large quantitities.
During the recent 2007-2009 economic contraction, nominal interest rates fell to nearly 0%while the rate of inflation remained positive. What happened to the real interest rate? How would this movement in the real interest rate affect decisions to sa..
In what situations will a court impose a strict liability standard instead of a negligence standard? Provide a real-world example of a strict liability case. Is imposing this standard fair? Are strict liability standards fair as a general rule?
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