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According to neoclassical theory, what is the process responsible for converting the qualitative usefulness of different commodities into a single, quantitative measure of demand?
Suppose that a firm's production function is given by Q = K^0.33L^0.67, where MPK = 0.33K−0.67L^0.67 and MPL = 0.67K^0.33L−0.33. As L increases, what happens to the marginal product of labor? What happens to the marginal product of capital?
Which of the following is NOT an incentive scheme to ensure that workers do a good job?
For each of the following scenarios involving the U.S. government, determine the primary function of government that is being served. Microsoft, the operating system giant, was recently accused of illegal business practices aimed at significantly inc..
Economists estimate that the supply function for the widget market is given by the following expression: q = 0.2 · π − 40 a. Calculate the demand and price at the market equilibrium if the demand is as defined in Problem 2.2. b. For this equilibrium,..
Social media is becoming an indispensable component of modern daily life and has changed the way people interact with one another. Examine the impact of this phenomenon on society.
At the same meeting of the open market committee where it announced Quantitative Easing 3, the Fed chose to also announce that its currently low Fed funds rate of 0 to .25% would be maintained until at least the middle of 2015. Why would changing inv..
What is Meta-Data, and how is this different or similar to traditional concepts of data? Read the "Big Data" article by Mayer-Schonberger/Cukier and discuss the positive and negative aspects, and the possible ethical implications of mining big dat..
You are considering entry into a market in which there is currently only one producer, the incumbent monopolist. If you enter, the incumbent can take one of two strategies, price low or price high. If they price high, then you expect a $60k profit pe..
discuss whether you agree or disagree with Chairman Bernanke's remarks on economic outlook and the role of the Fed' s monetary policy effectiveness by using unconventional policy.
Suppose the demand function for a firm's product is given by In Qdx=7-1.5 InPx+2 In Py-0.5 In M + In A where Px=$15, Py=$6 M=$40,000 and A=$350. Determine the own price elasticity of demand, and state wheter demand is elastic, inelastic, or unitary e..
According to David Waring, when measuring capital flows into and out of a country those capital flows include only
Crossing the San Francisco Bay] There are 2 main ways to enter San Francisco from Berkeley. The Bay Bridge provides access by car and takes 10 minutes if it is not crowded. In this problem, explain what externality arises from the use of the Bay Brid..
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