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1. You have the choice of opening your own business or being employed by someone else in a similar type of business. List 4 considerations in terms of opportunity costs that you would have to consider before arriving at your decision? Briefly discuss.
2. As the CEO of a corporation it is important for you to understand the mechanics of supply and demand both in the short run and the long run. Give 3 examples of a company whose business was either helped or hurt because of supply or demand in the marketplace where they were competing?
3. The craft unions (electricians, carpenters) possess considerable power to raise wages than do industrial unions (automotive workers, steel workers, etc.) How would you explain this in terms of demand elasticity?
4. You have been asked to produce a forecast for your company's new product (bottled water). List and briefly discuss 4 factors you would consider before giving the forecast?
5. As CEO you decide you should take advantage of "economies of scale" by increasing your output, thereby spreading out your overhead costs. Do you agree with the CEO? Briefly explain the + and - of this statement?
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
How would Keynesian solve a recessionary gap using personal tax rates.
Calculate the percentage change in nominal gdp, real gdp and the gdp deflator in 2008 and 2009 from the preceding year. for each year identify the variable that does not change. explain in words why your answer make sense.
There is no uncertainty about the future. The consumer needs to save an amount this year that will allow her.
Evalute the shape of the indifference curves of the following utility functions and find MRS for each function.
Elucidate is it good for the economy to have more competitive markets.
Compute nominal GDP, real GDP also the GDP deflator for each year, using 20010 as the base year.
The problem is that even though you have assigned values of a,b,c, SN thinks that f is also a function of t, for which you have not assigned a value.
The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the Robinson Crusoe model.
Increase or decrease in the money supply increase the price level to the tolerable range
Suppose you are told that price of Toyotas' has increased from last year as has the number bought and sold. Is this an exception of the law of demand, or has there been a change in demand or supply that could account for it.
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