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In summary, create a Word document for your design which includes:
Who of the following people are considered unemployed according to official statistics? (Mark off ALL who are considered unemployed.) choose which?
You decide to open a restaurant in your neighborhood serving Italian fusion food. What market is this restaurant most like to me in – oligopoly or monopolistic competition and why? What do you believe the long term prospects are for profits and survi..
Consider a perfectly competitive firm whose minimum average total cost is $100. This firm is representative of all the firms in the market. If the market price is $80, then in the long run. market supply will fall. new, more-efficient firms will be a..
The market demand is P=100-1.5Q and marginal & average costs are constant at 10 (MC=AC=10) find the monopoly price and quantity. Find the perfect competition price and quantity. Calculate profit, social welfare (consumer and producer surpluses), and ..
Suppose that individuals in this economy invest 30% (use .30 in the graph) of what they produce; the labor force in this economy grows at 5% (use .05) per year; and 10% (use .1) of the capital stock wears out each year. Suppose that the capital labor..
You are becoming addicted to World of Cowcraft, a popular MMORPG. After playing for a few hours, you estimate that in the next hour, you can produce 100 WoC gold. Due to your increasing skill level, you estimate that every hour thereafter your gold o..
You expect your cost for steel to increase 3% next year, then 5% the year after that, and finally 6% three years out. Compute the average inflation rate for your steel purchases over the next 3 years. You plan to live in your house for 20 years, and ..
Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being ..
Electrotech, a maker of household smoke detectors, buys resistors for its smoke alarms for $.15 each. The resistor manufacturer marks-up the resistors from $.10. Does the resistor manufacturer’s mark-up necessarily represent profit?
The inverse market demand for a good is given by P=34-Q. There are two firms that each sell the same homogeneous good in this market. The marginal cost of production is constant at 4. If these firms compete using the assumptions of the Bertrand model..
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
Explain why do changes in bank reserves resulting from open-market operations by the fed produce multiple changes in checkable deposits in the economy.
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