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a) True or False. If the price is less than ATC, a firm will minimize its losses by shutting down. Explain fully.
b) Explain why both marginal and average costs are believed to eventually increase in the short run.
c) With reference to (b), is this also true in long run?
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock market fuels an increase in aggregate demand, and may contribute to an inflatio..
Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
The largo publishing house uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of the printing press is $5,000.
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
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