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1. Draw a depensated growth function that is not critically depensated. Label any stable or unstable equilibria. Discuss whether this function might apply to the growth of some animal stocks.
2. Wild morel mushrooms are a delicacy in soups and salads. The following table shows the number of mushrooms that can be harvested per picker per hour in a fictional forest, depending on the number of pickers.
(a) Assuming that each mushroom sells for $1, graph the average and marginal revenue for society at each level of effort (number of pickers).
(b) Given that the opportunity cost of each picker's time is $10 per hour, label the socially optimal number of pickers and the number of pickers that will enter if the forest is an open-access resource. Explain why the pickers will dissipate the economic rent.
Explain the effect of the Internet on the degree of competition in the market. Explain how the Internet influences market efficiency. Calculate total revenue and marginal revenue at each quantity.
What is the central economic idea humorously illustrated in Art Buchwald's piece, "Squaring the Economic Circle"? How does the central idea relate to recessions, on the one hand, and vigorous expansions, on the other?
What how did Fed interest rate target respond to this demand shock? What happened to to interest rates when the Fed changed its desired inflation rate? What does the relationship between the inflation and unemployment appear to be?
DDT is a pollutant that can be transported through the atmosphere to remote locations
the graying of america will substantially increase the fraction of the population that is retired in the decades to
Given an economy that is described by the following equations: C=2,000+0.8(1-t)Y t=0.25 I=800-200i G=1200 L=0.2Y-100i M=45,000 P=150 What equation describes the goods market equilibrium
(Burden of the Debt) Suppose that budget deficits are financed to a considerable extent by foreigners. How does this create a potential burden on future generations of Americans?
What is the effect of an increase in β on the equilibrium? Provide an intuition for this result.
determine how much money would be in a savings account that started with a deposit of $2000 in year 1 with each succeeding amount increasing by 15% per year. use an interest rate of 10% per year and a 7-year time period.
How does this forecast differ from that which would result from a perfect-foresight model?
What quantity of spraying would a private control program provide? What is the efficient quantity of spraying?
Suppose one of the firms with a 10% market share announces plans to buy the firm with the 20% market share. Calculate the post-merger HHI. Is it likely that the U.S. Department of Justice will challenge the merger
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