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You will be expected to use an economic concept and/or theory discussed in class or written in the textbook to explain a facet of your life that relates to Economic concepts we are studying. In other words, how does what we learn in class relate to you and/or affect your life. For example, what is your opportunity cost of being in class this semester? The subject of the paper may have a corresponding article from the internet, newspaper or magazine that ties the subject to the paper.
Each paper should be a minimum of two and a maximum of three double-spaced typed sheets of paper. Students must develop their paper independently from fellow students. All sources must be cited appropriately.
What will be the price of a wristwatch to U.S. consumers if it is imported from Canada - What will be the price of a wristwatch in the U.S. in autarky - Canada and Switzerland. We can buy the same wristwatch from Canada for $30 and from Switzerland ..
Construct a scatterplot. From the plot, does the word linear provide the most effective description of the relationship between x and y? Explain.
Note that as drawn in the figure, the reservation prices for the Sports Channel and the Movie Channel are negatively correlated. Why would you, or why would you not, expect consumers' reservation prices for cable TV channels to be negatively corre..
Presume we are given the following information for the economy of Birch enough. GDP is $12,000, planned investment spending is $400 and autonomous consumption is $600. The marginal propensity to consume is 0.82. What is the value of the multiplier fo..
What are the three basic functions of money - Describe how rapid inflation can undermine money's ability to perform each of the three functions.
Draw a graph, label the axes and identify the market that the graph is depicting and explain in words how either the demand or supply curve moves given the discussion in the article.
Fill in the blanks for each price-quantity combination listed in the following table. Now graph this relationship, making sure to label each axis. What relationship have you depicted?Price Quantity Price Elasticity Total Revenue
Write the system in a full 6 by 6 matrix form and find the equilibrium prices and quantities.
According to Cahner's In Stat Group, number of worldwide wireless phone users will soon reach one billion. In the United States alone, the number of users is expected to increase by 17 million per year for the next five years.
We trained rats to run a straightalley maze for food reinforcement. All of a sudden one of the rats laid down and went to sleep halfway through the maze. What does this say about the scale of measurement when speed is used as an index of learning?..
For each of the following, state whether it is a result of firm-specific risk or market risk. Markets crash, leading to a global recession.
Independence Burgers serves fast food at its 300 franchised across the South.
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