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Define the standard of living. Describe the measure or measures that you would include in this concept and justify your answer. Describe the ways that the standard of living has changed for Americans in the past two centuries or so.
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
Who are maximizing their rational choice, the Japanese or the Americans and which of the three forms would Adam Smith agree is the best choice?
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
Walmart is vilified by many people as being evil, destroying jobs and cities. Others note that it has the lowest prices and is the largest employer in the country. What is the difference? Is Walmart a monopsonist? Demonstrate how a minimum wag..
Discuss the prospects for demand for the kind of automobiles manufactured by Hyundai in two countries: China and Turkey.
What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
Suppose you are the manager of College computers, a producer of customized computers that meet specifications needed through the local university.
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. The marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45.
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows
What are the equilibrium rent and number of rooms? If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?
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