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Given the problem with gasoline prices that we faced not so long back, do you think the government should have intervened and imposed a price ceiling? What would have been the economic effects of this? Discuss the pros and cons, but remember to keep your discussion focused on the economics of the situation.
Consider the following distribution of income in a 12 person economy, with the modern urban wage=3, the traditional rural income=1 and the informal urban wage = 2: (1,2,3,1,2,3,1,2,31,2,1). the poverty line is at 1.3. What is the level of absolute po..
If other people exploit the same opportunity, what will happen to the cost in Thailand as well as in Malaysia.
The effect of global competition on the decisions made by management with regards to change in labor demand, supply, relations with unions, and rules and regulations in your chosen industry
consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit of
Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. He determines that, to offer either product, he will have to spend $1,600 in sunk costs to purchase and i..
Assume GDP is at the full employment level Y*. Derive an expression for the velocity of circulation of money. What factors does it depend on, and how?
Fresh Maine lobsters are flown from the United States to Japan. Conversely, fresh tuna is flown from Japan to the United States. How would you expect this pattern to affect the number of jobs in fishing in both countries? Which would be more expensiv..
What other economic factors are affected when taxes are raised or lowered, and how are they affected. Should the government increase tax rates on everyone as a way to equalize incomes and wealth.
What is estimated exclusioin and rivalness of (1) 1000 pounds of compacted scrap steel; (2) 1/2 ton of compacted scrap steel; (3) a mahogany tree in an inaccessible Central American rain forest; (4) a mahogany tree next to a new highway through a Cen..
Explain the Law of Demand. What are their assumptions? What are demand curve shifters and what causes them to shift? What is market equilibrium? What might keep the market from moving all the way to that equilibrium point? “Price control can be more ..
Consider a survival game in which a large population of animals meet and either fight over or share a food source. There are two phenotypes in the population: one always fights, and the other always shares. Draw the payoff table for the game played b..
In 2008, he purchased $150,000 worth of jerseys from manufacturers, employed a receptionist for$40,000, purchased $20,000 worth of workplace insurance, and sold jerseys for a grand total of$280,000 in revenues.
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