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Production Possibility Frontiers: Studying or Socializing?
a) Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Are these activities complementary or are they substitutes? Does it matter which friend you are studying with? How do you show a tradeoff between them in your graph?
b) What happens to your production possibilities frontier if you the professor rewrites the textbook so that it is clearer? What happens if a new season of “Game of Thrones” comes on the air and you know that it would be fun to watch with your friends?
c) The professor redoes that problem set making it much harder and much less interesting? Show the new PPF. Your friend is very worried about passing the Economics course and insists that you work on the problem set together before socializing. Show the new PPF.
Draw a graph that shows the marginal revenue product curves of the two franchises. Make sure your axes are properly labeled. Show the equilibrium level of competitive balance and the equilibrium level of player salaries.
Suppose there is a five per cent increase in the prices of SUVs, salt, and rental apartments. Explain whether you think the income effect in each case would be small, large, and why.
Purchasing credit life or disability insurance protection is usually 1) required in order to make the loan 2) non-negotiable 3)at the lenders option 4)very costly 5)a good idea for the borrower
Several costs may be associated with firms that use the market. These include which of the following:
We have spent so much on our present office that we cannot afford to waste this money by moving now." Estimate the second partner's advice not to move downtown.
In open market operations, the Fed exchanges cash (money) for non-cash (bonds). Where do you suppose the Fed gets the cash, to do this ? If they have it, does that mean it exists already ?
Consider an economy in which people wish to hold bank checking deposits worth a total of 5 million goods and currency worth 2 million goods in every period. In addition there is a stock of unintermediated capital worth 10 million goods. Fiat money is..
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. if a pack of cigarettes currently costs $2 and the government wants to reduce smoking by 20%, by how much should it increase the price?
Explain how the “incidence” (i.e. “Who pays the tax”) of a per-unit tax on transactions depends upon the slopes of the supply curve and the demand curve. You may utilize graphical analysis to explain your answer as well. What function do private prop..
Derive the Pareto Optimal Conditions in a perfectly competitive world of two individuals(A and B), two goods (X and Y), and two inputs (L and K): (a) Utility Maximization, (b) Optimal Allocation of Resources, (c) Economy as a whole.
Should one distinguish between economist’s descriptive statements, propositions, and predictions about the world, and their statements about what policies should be adopted?
Leon and Heidi decided to invest $3,250 annually for only the first eight years of their marriage. The first payment was made at age 20. If the annual interest rate is 9%, how much accumulated interest and principal will they have at age 70? Please s..
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