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How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he not even take the boat out?
If a firm is incurring an economic loss, would society be better off if the firm shut down? Would the firm want to shut down? Explain.
Is Apple Computer a perfectly completive firm? Explain your answer.
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Widgetland has 60 workers. Each worker can produce 10 widget(s) or 12 wadget(s). Each resident in Widgetland currently consumes 8 widget(s) and 8 wadget(s). Wadgetland also has 60 workers. Each can produce 10 widget(s) or 8 wadget(s). To maximize con..
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
You are advising Great Britain about whether it should join the European monetary union. What arguments can you give in support of joining? With arguments can you give against joining?
A production process exhibits economies of scale if:
The Rules of Netiquette here: www.albion.com/netiquette/corerules.html. Post your own, original work. Do not copy and paste another student's post and pass it off as your own
The demand for the product of a business is given by q = 50 - 2p. If the price of the product is p = 10 dollars, the revenue is
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. Based on this infor..
Suppose that Omar’s marginal utility for cups of coffee is constant at 2.5 until per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the..
With China's middle and upper classes so brand-conscious, how will an EDLP strategy be received? What are Wal-Mart's sourcing and logistics strategies in China market
You, as chairman of the Fed (congratulations), are considering whether the monetary base or the interest rate should be used as a target. What information do you need to have to make an informed decision? When would each be a good (or bad) choice?
Assume that a nation’s marginal propensity to consume is 0.8, and that its potential GDP exceeds its actual real GDP by $3000 (There is a recessionary gap). By how much should that nations’ government initially change its spending (G) in order to clo..
A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic?
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the..
The inverse demand that duopoly quantity-setting firms faces is p = 90 - 2q1 - 2q2. Firm #1 has no marginal cost of production, while firm #2 has a marginal cost of $30. How much does each firm produce if they move simultaneously? What is the equ..
A 50-kilowatt gas turbine has in investment cost of $40,000. It costs another $14,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $450 per year. what is the ..
A commercial bank's reserve assets consist of...
Firms can have: Accounting profits and economic losses, Accounting profits and economic profits, Accounting losses and economic losses, Accounting losses and economic profits.
If nominal GDP in some year is $280 and real GDP is $160. The GDP price index for that year is.
Suppose re are 300 of young in some period t. n, how many good are paid to government for tax in this period. In period t, how many good can each old person get and consume.
An industry which generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
the top ten percentile cutoff was 95 points. a. What is the standard deviation for the class? b. What percentile did you score in?
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