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1. Using the factors that influence the price elasticity of demand, do you think a college education is an elastic or inelastic good? State the factors and then support your answer
2. Often times when a college campus has overcrowded parking, they raise the price of parking permits to lessen the problem. Does this policy work? Explain why or why not using supply and demand and/or elasticity
Apple feels it is a price leader in the mobile phone market with all the other producers acting as followers. The total demand for mobile phones is given. If Apple wants to maximize profits, how many mobile phone units should they produce? How much s..
Suppose two firms supply the market for computer chips and their products are perfect substitutes. What is the one-period Cournot-Nash equilibrium output and price? What is the output of each firm if they collude to produce the monopoly output?
List out three problems of decentralized power that existed under the articles of Confederation . For Each problem you listed, identify one solution that the Constitution provided to adress the problem.
Board of directors has directed you to choose an output level that maximizes the firm's profit. You have an incentive to maximize profits because your job and salary depend on the profit performance of this company.
What impact if any has the policy of 'Quantitative Easing' had on the United States aggregate demand/aggregate supply curves?
Read The Iliad as if you are an archaeologist who has just discovered an ancient text which gives you a window into the ancient world. You hold this fragile treasure in your hands, and begin to read, knowing that you must suspend your modern perspect..
The nation of Wrexington utilizes the same method to Compute the unemployment rate as the U.S. Bureau of Labor Statistics utilizes. From the data below, Compute Wrexington's unemployment rate.
Which of the following is not one of the long-run consequences of large sustained budget deficits?
Since a firm that is a perfect competitor in both the labor market and the final product market has hired the optimal amount of labor where the value of marginal product equals the wage, if the price of the product the firm sells doubles, will the wa..
The story of entitlements such as health care and welfare payments to the elderly in the US is pretty ----. This is partly because these payments form---part of the government budget and they are----
Which of the following would shift a supply curve in a perfectly competitive market for a good? Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. ..
Gatekeeper models of MCOs require patients to see a primary care doctor before going to see a specialist. What two key economic principles would be involved in a successful gatekeeper program?
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