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US Economy and Ten Principles of Economics
Find out one story about the economy that has been in the news lately. For the story, identify one (or more) of the Ten Principles of Economics, and explain how it is relevant.
Compute point price elasticity of demand for this product.
Do comparision with the economics of the two following service producing alternatives.
Explain by how much should domestic automakers raise the price of automobiles if they wish to increase sales by 5 percent next year?
Answer whether the following statements are true or false, explaining your answer in each case.
Explain how would either decision change if the government imposed a 20 percent tax on earnings and interest income. Illustrate what would happen if the government exempted interest income.
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
Illustrate what policies would you implement to help the economy reach full employment.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
Compute total revenue, marginal revenue, total cost and profit at each quantity. What quantity would a profit-maximizing publisher choose? What price would it charge?
Describe which is elastic and inelastic in the attached question and also how to arrive at the answer for this question:
Coimpute how much the shortage or surplus is if there is any.
Tables John Walker is a regional sales representative for Jiffy Mowers Inc. and sells lawn mowers to stores in the Tri State area. Construct a table showing Walkers marginal sales per day in each state.
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