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1) Have your students take a poll: Students should have survey five friends to get their responses to the question, "if the tax on beer were increased, would it result in you buying fewer cigarettes?"
2) You have six hours to study for two exams tomorrow. The following table shows the relationship between hours of study and test scores.
Economics Psychology
Hours Scores Hours Scores
0 59 0 59
1 67 1 65
2 74 2 70
3 80 3 84
4 85 4 77
5 89 5 79
6 92 6 80
a. Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an extra point on a psychology exam.
b. Now suppose that you are a psychology major and that you value each point you earn on a psychology exam being worth three times as much as each point you earn on an economics exam. Now how many hours will you study each subject?
You've recently learned that the company where you work is being sold for $380,000. The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends.
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Consider a firm that is a monopolist in the domestic market facing a demand curve given by p = 100 - q, but can also sell in the world market where there is perfect competition and the market price is 60. The firm is a price taker in the world mar..
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Purpose of this course is to improve your economic decision making and increase your productivity as an employee or entrepreneur.
Amityville has a competitive chocolate industry with supply curve Ps =440+Q. While market demand for chocolate is Pd=1200-Q, there are external profits that the citizens of Amityville derive from having
Most of us participate in the economy every day. As households, we can provide labor to companies or government in the input market and we are also consumers of goods and services in product market.
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