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Assume ESPN introduces a new performance comparison system for NBA players (basketball), i.e. preference relation for ranking players as strictly better, weakly better or indifferent (equally good). ESPN’s new criterion (the preference relation) is defined as: “better defender and better 3-point shooter". Please analyze which of the three axioms (completeness, reflexiveness and transitivity) does the ESPN’s new preference relation satisfies.
Do the following events represent business transactions? Explain your answer in each case.
Describe how a change in income and/or walth impacts saving and consumption patterns under; 1) the permanent income hypothesis, 2) the life-cycle hypothesis; and 3) Halls random walk Hypothesis
Who of the following would be included in the Bureau of Labor Statistics "unemployed" category?
the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption
In this problem you will analyse how optimal household's choices react in response to a change in the timing of distortionary taxes. Consider the two-period model of the household. Suppose that the consumer has current income of y, future income of y..
Effective leaders are essential to the success of any organization, be it a small business or the U.S. government, the largest organization in the world. Globalization demands global leaders. What is global leadership? How does it differ from a purel..
What are the major provisions of the Sherman Antitrust Act and the Clayton act? What is the difference between the two acts? How did one lead to the other? Do you feel the government should regulate those who form monopolies and restrict competition?..
Explain the Prisoner’s Dilemma game, the notion of dominant strategy, and the concept of Nash equilibrium and cooperation. Using these concepts, then, analyze the following duopoly game.
Gross Domestic Product involves a calculation of the total value of the goods and services generated within an economy in a stated or identified time period. The main difference between real GDP and nominal GDP is that nominal GDP does not consider h..
Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20. What is the opportunity cost of the second DVD? Indicate on your graph the combination point showing Jane consuming 8 CDs and 4 DVDs (label it A). What can you s..
Nature's Green, Inc., a manufacturer of alfalfa tablets sold in health-food stores, currently operates just outside of Meno, California. Nature's Green is considering two alternative proposals for expansion, because it has run out of acreage to grow ..
Martin received $115,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA tax were as follows: $4,486 ($106,800 x 4.2%) for Social Security and $1..
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