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1. Interpret the phrases "There is no such thing as a free lunch" and "A free lunch is possible" in terms of the production possibilities curve.
2. Suppose, unfortunately, your mathematics and economics professors have decided to give tests 2 days from now and you can spend only a total of 12 hours studying for both exams. After some thought, you conclude that dividing your study time equally between each subject will give you an expected grade of C in each course. For each additional 3 hours study time for one of the subjects, your grade will increase one letter for that subject, and your grade will fall one letter for the other subject.
a. Construct a table for the production possibilities and corresponding number of hours of study in this case.
b. Plot these production possibilities data in a graph.
c. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain.
Overfishing refers to catching fish at a rate that does not allow the fish to repopulate. What is the fundamental problem associated with overfishing of the oceans? What might lead to underfishing?
A monopolist faces demand given by: P = 100 - 0.4Qd, and has marginal costs given by MC = 10 + 0.2Q a. draw the demand, marginal revenue and marginal cost curves. Calculate and show how much this firm will sell and what they will charge.
What are the causes of extreme poverty, and what policies have been most effective for improving the lives of the poorest of the poor?
If full employment in this economy is 130 million, will there be an inflationary or a recessionary expenditure gap? What will be the consequences of this gap By how much would aggregate expenditures in column 3 have to change
Suppose there is an increase in supply (rightward shift in supply). Consider two graphs. In Graph [X], demand is relatively inelastic. In Graph [Y], demand is relatively elastic. Which of the following is true?Suppose Bill gets a pay raise of 12%, ..
Discuss what you believe are the two most important competencies for HR professionals that utilize HR metrics and why, using this week's readings to support your assertions.
Does a peace dividend or a reversal to more military spending represent a possible shift of the production possibilities curve (new curve) or a movement along it(going from one point to the other on the same curve)? Analyze why and support your an..
Consider a bond that promises to pay $100 in one year. a. What is the interest rate on the bond if its price today is $75? $85? $95 b. What is the relation between the price of the bond and the interest rate c. If the interest rate is 8%, what is the..
Calculate the 99 percent confidence interval for β2 in the earnings function example (b2 = 1.073, s.e.(b2) = 0.132), and explain why it includes some values not included in the 95 percent confidence interval calculated in the previous section.
In the red shift of radiation from a distant galaxy, a certain radiation, known to have a wavelength of 434 nm when observed in the laboratory, What is the radial speed of the galaxy relative to Earth
Observer S detects two flashes of light. A big flash occurs at Xl = 1200 m and, 5.00 fLs later, a small flash occurs at X2 = 4S0 m. What is the speed parameter of S'
What is the marginal product of the third worker? What is the marginal revenue product of the fourth worker What is the marginal cost of the sixth worker? Based on your knowledge of marginal analysis, how many workers should you hire
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