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1. How do economists attempt to account for altruism in economic models?
2. What tends to happen to irrational or biased actors in the market system?
3. Lab experiments allow economists to test economic theory while holding all other variables constant. What are some downfalls of lab experiments?
4. Contrast natural and field experiments. What are some advantages of each?
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for the output is $40. If it produces this output, the firm's average ..
The following equation explains weekly hours of television viewing by a child in terms of the child's age, mother's education, father's education, and number of siblings:tvhours* 5 b0 1 b1age 1 b2age2 1 b3motheduc 1 b4 fatheduc 1 b5sibs 1 u.
Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises?
How will the change above affect the central bank's ability to defend the fixed exchange rate? What is the backing ratio now? Describe how this situation differs from one in which the central bank buys government bonds, as in part (b).
Suppose Economica suffers an inflation shock that increases inflation. Use a graph to illustrate how output and inflation respond under both the old and the new policy rules.
Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of his income on dining hall meals. Label the new optimum as po..
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
Provide some examples of Fed actions that could be harmful and of the damage that could be done. How can the Fed help the economy? Provide examples
A firm enters the market, and they engage in Cournot competition. The market inverse demand curve is still given by P=30-2Q, and both firms have an identical marginal cost of $2/jar. How many jars of peanut butter will firm 1 produce
A firm is analyzing if entering into a market is profitable. A brilliant young economist, who is Director of Economic Research in this firm, has estimated that demand would be Q(p) = 100-2p. She has also estimated that the cost function would be C..
Why are children more susceptible than adults to health risks posed by their environment?
Automotive Rebuilders, Inc., is considering a new automated assembly line to automate assembly of rebuilt alternators. The new line can be installed for $525,000 today and will have a life of 9 years until technological obsolescence.
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