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Problem 1: Using either a graph or table use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?
Problem 2: Part A: Go to the internet auction site eBay and select the category Jewelry and Watches, followed by Loose Diamonds and Gemstones, and then Diamonds, Natural. How many natural diamonds are for sale at the moment? Note the wide array of sizes and prices of the diamonds. In what sense is there competition among the sellers in this market? How does that competition influence prices? In what sense is there competition among buyers? How does that competition influence prices?
Problem 3: Select a social problem where free markets are not allowed to function and describe how free market features could be introduced to help alleviate the problem. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format.
The news headlines during late 2012 and early 2013 were predominantly encompassed by the numerous deliberations between the President of the United States of America and the United States Congress regarding how to deal with the economic situations..
The purpose of this project is to promote better understanding of globalization, world trade and economic development, including the forces, values, events etc.
How does economics differ from a natural science like chemistry and formal science like mathematics? How is it similar to other social sciences like anthropology and political science?
Based on your reading of material from the Index of Economic Freedom, describe the relationship between economic freedom and variations in wealth among countries.
Briefly describe the economic problem you have selected and discuss the major impact to society of the problem
The American patent system was based on the presumption that social welfare coincided with the individual welfare of inventors
If Boeing produces 9 jets per month, its long-run total cost is S9 million per month. If produces 10 jets per month, its long run total cost is $9.5 million per month. Does Boeing exhibit economies or diseconomies of scale in producing jets.
What is a strategy for a player in this game and describe strategies that are in Bayes Nash equilibrium.
Theoretical analysis and discussion of economic principles
HPM 522, 1. Consider variables: Pr_Prob and Pr SIDE. Explain why a relatively high value for the former and a relatively low value for the latter are the input values for the BEST case.
Explain why you tend to find more shirking, more corruption, and more inefficiency in large firms than you do in small firms. Explain why you tend to find more shirking, more corruption, and more inefficiency in government than you do in large fi..
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