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Q1. Predict what would happen to the equilibrium price of marijuana if it were legalized. Use demand & supply analysis to answer. Provide verbal and graphical explanation.
Q2. Which of the following refers to the process of dividing the total market into several groups with similar characteristics?
Q3. Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract. Provide specific examples to support your response.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Who has the comparative advantage in what product. Once they specialize, how much does output increase. What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
What data the organization needs in order to make good decisions and how the use of macroeconomic indicators enables organizations to improve their forecasts of the key decision-making data.
Calculate whole expected convenience from each restaurant option and also compare?
Distinguish between the resources market and the product market in the circular flow model.
Under oligopoly if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
Elucidate the marginal revenue from the fourth worker
The trade or business of manufacturing dolls and accessories
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
Representatives were to logroll (trade votes) to get their preferred policy to pass, what would be the result. What are the total benefits from each project.
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