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Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free.
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
Raising chickens requires several types of feed, such as corn and soy meal. Consider a farm in the former Soviet Union. Try to describe how dicisions on the number of chickens to be raised, and the amount of each feed to use in raising them, were ..
What is the firm's average variable cost as a function of its output level, y? What is the firm's average total cost as a function of its output level, y? What is the firm's profit maximizing level of output, and what is the resulting profit?
Countries in the developing world are often concerned that their terms of trade may worsen economic growth occurs.
Describe the characteristics of the lattice organization at W.L. Gore as described by Gary Hamel? Which elements in Gore's model are compelling to you? Explain. Which elements of the Gore model are least compelling to you?
Suppose that the residents of Veggieland spend all of their income on cauliflower, broccoli, and carrots. then calculate the CPI in both years.
List the basic characteristics of pure monopoly, monopolistic and oligopoly competition. Under which of these market classifications does each of following most accurately fit?
Which of the following would most likely have caused the production possibilities frontier to shift outward from A to B 1. a general technological advance 2. a technological advance in the consumer goods industries 3.a decrease in unemployment
Illustrate what is the estimated size of the union salary advantage. How might this advantage diminish the efficiency with which labor resources are allocated.
You are a financial adviser to a U.S. corporation that expects to receive a payment of 40 million Japanese yen in 180 days for goods exported to Japan.
Elucidate why, at one point in time, a Keynesian approach to managing the macro-economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a superior outcome.
Suppose a risk averse agent. Explain how many units of the contract will the agent buy if the price is q=k.
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