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Application: Pedalling for Television Time: Applying the Concepts Do people respond to incentives. To illustrate the notion that people are rational respond to incentives consider an experiment conducted by researchers at St. Luke's Roosevelt Hospital in New York City.
The researchers addressed the following question:
If child must pedal a stationary bicycle to run a television set, will he watch less TV? The researchers randomly assigned obese children, ages 8 to 12, to two types of TVs. The first type of TV had a stationary bicycle in front of it, but the TV operated independently of the bicycle: No pedalling was required to operate the TV. In contrast, the second type of TV worked only if the child pedalled a bike facing the TV. The kids in the control group (no pedalling required) watched an average of 21 hours of TV per week, while the kids in the treatment group (pedalling required) watched only 2 hours per week. In other words, kids respond to incentives, watching less TV when the cost of watching is higher.
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
In an article about the financial problems of the USA today, Newsweek reported that the paper was losing about $20 million a year.
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Provide brief but theoretically sound explanation for each of the following.
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
By how much will each firm reduce its SO2 output? Which firm will buy permits, which firm will sell them, and how many permits will be exchanged?
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