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DQ #1: What would be a situation in your personal or professional life in which you use or could use marginal analysis to make a decision? How do you determine the marginal benefit and marginal cost of the decision? You should illustrate your answer with a numerical example. Why do economists believe that managers should use marginal analysis to make optimal business decisions?
DQ #2: What is more important to a manager Marginal Revenue or Marginal Profit? Provide examples. What Shutdown Rule means for a business entity? Should managers opt for a shutdown decision if the company is selling below its Fixed Costs? Explain your statement.
Use the AS/AD framework to depict an economy that is a) in equilibrium, and b) has an Unemployment Rate that is greater than its Natural Rate of Unemployment.
Are the dual goals of economic development and the reduction of population pressure on the envrionment compatible or conflicting objectives?
After much experimentation and trial and error, TechSmart launched a GPS-enabled shoe into the market. It was the ±rst company to introduce such footwear. Later, several other ±rms also began to o²er similar shoes. Which of the following is most like..
Why might learning by doing decrease the long-run average cost of production?
Moreover, when price is expressed as a function of quantity, indicate whether the effect of each of the following is an upward or downward movement along a given demand curve or instead involved an outward or inward shift in the relevant demand cu..
A fixed resource is one that?
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF..
How is GDP a measure of both output and income? How is it possible that both measures of GDP - income and expenditure approach - can end up with the same number?
Assume that capital is perfectly mobile, the price level is fixed, and the exchange rate is flexible. Now let the government increase purchases. Explain first why the equilibrium levels of output and the interest rate are unaffected. Then show whethe..
Industry-land was so named because it is highly industrialized. It is a world leader in production of manufactured goods. If industry-land put all its productive efforts into manufactured goods, it could produce 1,000 units per year. Draw a produc..
Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets?
Examine any foreign currency of your choice (preferably one from an emerging market), and provide an analysis of that currency against the U.S. dollar over the 5-year period
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