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Course Objectives and Learning Outcomes
·Create and use economic graphs and numerical models to analyze and solve microeconomic problems.
·Analyze the impact of government activity in markets.
·Use a graph combining supply and demand to illustrate market equilibrium.
·Explain why governments intervene in markets with price floors and price ceilings and predict how those markets will be affected.
Assignment Requirements
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage. This two-page paper should reflect the points raised in the class discussion and any conclusions reached.
A HEADLINE article in the text is titled Consumer are Spending Big Time. Determine which of the following is most likely to happens a result of increased consumer spending?
The maintenance cost for both models is $100 per hour. The variable operating cost is $346 per hour for Model A and $290 per hour for Model B. Due to obsolete parts, there is a sunk cost of $2700 for model A and $1900 for Model B.
Newbury Drug has recently offered to purchase 25,000 bottles of aspirin that they will sell in their stores under a generic label. Newbury has offered to pay $3.95 for each bottle of aspirin. The controller of Lydek in analyzing the offer has de..
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
improve life style decsisions by reducing smoking, alcohol consumption, and drug use, imporve overall educational attainment so people can better follow the advice from the medical community.
The Future 2055 The U.S. economy is at full employment. President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade. He is cons..
Describe and discuss why characteristics of the labor markets should result in the similar wage rate for all jobs requiring the similar level of abilities and skills?
Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
Calculate Kalvin's expected haul over the four event crime spree and calculate the probability that Kalvin will never get caught over the four days.
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