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Explain the pitfalls in the following statements.
a. Whenever Jeremy decides to wash his car, the next day it usually rain. Since Jeremy’s town is suffering from a severe drought, he decided to wash his car and, just as he expected,the next day the thunderstorms rolled in. Obviously it rained because Jeremy washed his car.
b. The principal of Hamilton High School found that requiring those students who were failing algebra to attend an afterschool tutoring program resulted in a 30 percent average increase in their algebra grades. Based on this success, the principal decided to hire more tutors and require that all students must attend after-school tutoring, so everyone’s algebra grades would improve.
c. People who drive hybrid automobiles recycle their trash more than people who do not drive hybrids. Therefore,recycling trash causes people to drive hybrid automobiles.
1. What types of things do you need to consider if you want to change your default electives? What resources will you use to help you to make your decisions? 2. Are you satisfied with your default electives or do you think you should choose alterna..
what will happen to equilibrium of peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, not enough info to answer, or decrease. what will happen to the total revenue os us peanut butter..
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
Calculate output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level. Explain your answers briefly
Describe benefit and cost externalities. List the reasons for lack of optimal allocation of resources in each case. Explain the need for government intervention in case of market failure due to externalities. Explain why government intervention may n..
What is the net present value of this proposed project? If efficiency was the only objective for making the decision and we have fully accounted for all costs and benefits would you recommend the project go ahead or not?
the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.
In working out your responses to the Discussion Question, you should choose examples from your own experience or find appropriate cases on the Web that you can discuss. Credit will be given for references you make to relevant examples from real compa..
suppose the market interest rate is 10 percent. Would you be willing to lend $10,000 if you were guaranteed to receive $1,000 at the end of each of the next 12 years plus a $5,000 payment 15 years from now? Why or Why not?
What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium
Suppose that there is a decline in the cost of a unit of capital. In the long run a.) What will be the substitution effect of this change on use of capital and labor, and why How would this be shown on an isoquant diagram (a diagram isnt needed, j..
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
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