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1. What is meant by the term "utility" and how does it relate to purposeful behavior?
2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
3. What are economic resources? What categories do economists use to classify them? Why resources are also called factors of production? Why are they called inputs?
4. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph.
An analyst has timed a metal-cutting operation for 50 cycles. The average time per cycle was 10.40 minutes, and the standard deviation was 1.20 minutes for a worker with a performance rating of 125 percent. Assume an allowance of 16 percent of job..
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
Compute the Nash equilibria. What can you do to change the rules of the game to your advantage? Compute the profit consequences of your advice.
Discuss any significant use of discretionary fiscal policy (fiscal stimulus package, deficit restructuring...) during the period.
the economy of the Shire that produces cereals and swords each industry employs Hobbits, but land is specific to the production of cereals, and metal is a specific factor in the sword industry.
If the economy is currently in a long-run equilibrium and the central bank increases the money supply, what effect does this have on the aggregate price level Explain why it is important to insulate central bankers from politic..
if the income levels of all individuals are equal the population index of demand for physician services will be
The following machine description will provide the basis for this assignment. You will create a virtual machine/operating system for the machine described below that will accept programs in the target machine language. The details for this assignm..
Solve the following system of equations by graphing. If the system is inconsistent or the equations aredependent, say so. 9x-4y=5 27x-12y=15 (coordinates to graph)
suppose that the equation for autonomous planned spending ap is ap6200-200r and the value of the multiplierk is 2.5.a
During March 2001 and March 2002, measured RGDP in the economy actually increased by about 2.5 percent, even though total employment in terms of hours worked declined through 1.8 percent and the unemployment rate increased sharply from 4.3 percent to..
Steel is labor intensive and rice is land intensive. According to the long run Heckscher-Ohlin model what happens when these two countries move frome no trade to free trade? Wages in France's rice industry? Wages in France's steel industry? The pr..
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