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Give a single definition of the term “the market” as it is used in expressions like “the market for wheat,” “the legal US market for kidneys,” and “the market for the common stock of a particular corporation.” Explain why your definition is broad enough to apply to all markets, including each of those listed above. Also explain why your definition is narrow enough to exclude things that are not markets. A good definition captures the most essential features that all markets have in common. If a market’s characteristics listed in your definition change, we should agree that the market has changed. B. Define a lump sum tax. Why are lump sum taxes rarely used by real governments? C). A firm with private marginal cost PMC and average unsunk cost AUC is producing Q units and selling them at a price P, where P > PMC(Q) and P > AUC(Q + 1). The firm could make more profit if it could sell more at the same price P per unit. Explain why we can be sure of this.
In a post of between 150 and 250 words, respond to the following discussion: First, start with a very brief summary of the origins of sociology as a field of study discussed in Chapter 1. Now, consider the sociologists discussed in your textbook on p..
Since humans have two kidneys, you could sell a kidney and still live a long, healthy life. Given that there is such a demand for organs, do you think we should allow individuals to sell their organs like kidneys? Who do you anticipate would be most ..
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function.
Three policies used to restrict trade are: Tariffs, Quotas, and regulatory trade restrictions. Discuss pros and cons of each. If the government has to decide on one which one it will?
Imagine the economy starts off at the steady state, with m=v=1 and b=1/2; additionally, suppose that the Fed's infaltion target (π-bar) is 1% and that the real federal fund rates (r-bar) is 1%. In period 1, political uncertainty causes a negative AD ..
What can you conclude about relationship between the slope of a curve and its inelasticy? explain in nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment
In the early 1980s, large numbers of Japanese cars began to enter the US. Under pressure from the US auto manufacturers, the US government negotiated a Voluntary Export Agreement with Japan, under which Japan agreed to limit the number of cars it wou..
Figure 1 above shows a consumer's budget constraint for buying apples and oranges, as well as the indifference curve passing through the utility-maximizing bundle A.
Define the terms potential output, expansionary gap, and contractionary gap. Why might actual output exceed potential output (an expansionary gap)? Why might actual output be lower than potential output (a contractionary gap)?
During the last decades there has been an increase of anti-capitalistic movements around the world which are fundamentally different from those of the XIX-th and XX-th centuries in the sense that they do not belong to a "working class", but rather to..
Four years ago, Warrior Auto Service purchased some new equipment at a cost of $75,000. The equipment has since been depreciated annually using the SOYD method, assuming a life of seven years and a salvage value of $5,000. Due to competitive pressure..
Describe the demand curve for this product using the following data.
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