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Which do you believe is more important for a firm’s financial efficiency and success: economies of scale or the learning curve?
Explain and be specific, giving examples, not discussed in class or the textbook, where possible to support your answer.
Income elasticity can be either positive or negative depending on an item we are considering?
for each of the following describe some of the potential opportunity costsa. studying for your economics testb.
In a particular industry, labor supply is ES = 6w - 4 and labor demand is ED = 52 ? 2w, where E is the level of employment and w is the hourly wage. What is the equilibrium wage and employment if the labor market is competitive? What is the unemploym..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Draw several indifference curves to illustrate ..
In the Keynesian-cross model, an increase in the real interest rate shifts the expenditure line _____ and short-run equilibrium output _____.
Romans utility function os U(x,y)=6xy. The prices of goods x and y are $12 and $15. The indifference curve is tangent to his budget constraint, where he is consuming 20 units of good x. How many units of good y must he be consuming?
Describe how a decrease in price will affect the Quantity Demanded of an item. Incorporate a discussion of the Income and Substitution Effects into your response, as well as the difference between “Normal” and “Inferior” goods.
Suppose chartered banks decide to greatly reduce the availability of student loans that are guaranteed against default by the Canadian government. What would you expect to happen to the demand for credit cards by students?
There are two firms A and B located in different regions that produce an identical good at zero cost. Each region is inhabited by a single buyer interested in purchasing at most one unit of the good. The RP of each buyer for one unit of the good is $..
Cher's marginal rate of substitution of earrings (E) for necklaces (N) is 5 (MRSEN = 5). This information implies that:
If a firm in the industry wishes to increase total sales revenue (ignoring cost considerations), will it raise or lower its selling price? Why? What happens to the demand for beer if the price of soda falls by 2%? Explain your answer. What happens to..
What determines the composition of national output? In some cases, we say that there is "consumer sovereignty." meaning that consumers decide how to spend their incomes on the basis of their tastes and market prices. In other cases, decisions are mad..
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