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Consider some purchases you've made lately. Were the prices high but you purchased anyway or were the prices reasonable and you didn't have to think about it much. Give an example of each type of purchase and describe your elasticity of demand for the item. Explain why your demand may be elastic or inelastic.
Plywood is used in the construction of houses. If the price of plywood rises, what happens to the supply of houses?
Home (H) and Foreign (F) produce autos and shirts using capital (K) and labor (L). Autos are capital intensive relative to shirts. Draw a PPF-Budget Constraint-Indifference Curve diagram for each country that shows the autarky (no-trade) equilibrium,..
Explain the short run and long run profit maximizing position for a perfectly competitve firm, a monopoly, an oligopoly, and a firm with monopolistic competition. Also include the dynamics of moving form a short run to a long run equilibrium.
In class I showed the impacts of a new vaccine using the model by Thomas Malthus. Likewise, now consider the 2014 Ebola outbreak in West Africa. In 2014 the Ebola virus outbreak in West Africa led to 11325 deaths. Explain how the Ebola deaths in Sier..
Which strategy offers both Westinghouse and General Electric the best financial outcome. Among which of the following is an example of a good with an inelastic supply.
A newspaper cartoon shoes a wealthy person standing on a pile of money saying "your greed is hurting the economy!" to a fellow who clearly has no money but arries a sign demanding the minimum wage to be raised. What effects would a binding minimum wa..
How can you use the parts to describe the differences between the operation of one bike and another?
A tour company charges $100 round trip to travel from Los Angeles to Las Vegas on a luxury motor coach. At that price they sell 500 tickets. We know that the price elasticity for motor coach travel is -1.8%. Estimate the linear demand curve for this ..
You are an efficiency expert hired by a manufacturing firm that uses capital and labor as inputs. The firm produces and sells a given output and is currently employing 50 workers and 10 machines. During the consulting process, you find out that for t..
Recall the looser pay winner auction experiment done in class. discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning.
Alternative Uno has a first cost of $10,000 and annual expenses of $3,000, whereas Alternative Dos has a first cost of $35,000, annual expenses of $2,000, and a recurring cost of $5,000 every 10 years. If both alternatives have an infinite life, whic..
What is the mechanism in the economic system that guarantees the saving of the economy will always equal the investment of the economy? You may assume a closed economy in answering the question.
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