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a. Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Is there a tradeoff between these two? Why? How is the tradeoff shown in your graph?
b. What happens to the production possibilities frontier if you get a faster computer with economics-problem-set software? What happens if your favorite band comes to town and you know that it would be fun to see them with your friends?
c. Your parents will make you leave school and stop seeing your friends if you don't do well in Economics. Show the new PPF. Your Professor allows you to work together on the problem sets. Show the new PPF.
An increase in the demand for video films also increases the salaries of actors and actresses. Is the long-run supply curve for films likely to be horizontal or upward sloping? Explain.
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
The division of a large office services company that makes high-end copiers recently signed a five-year, $25 million contract for IT services from CGI Group, a Canadian information technology company.
Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling below the market-clearing level, would a deadweight loss result? Explain.
How much is his fixed cost? How much is his variable cost and at what level of production is his average cost minimum
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
The demand in each group is linear. Would the monopolist discriminate (charge different prices to the two groups) if the slope of each inverse demand were the same, but vertical intercepts were different? What if vertical intercepts were the same ..
Hospital administrators sometimes complain about a "shortage" of nurses. The shortage is the result of a higher wages that occur in the competitive market and could be eliminated if nurses earn wages closer to their MRC.
Is this a good thing for consumers? On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor an increase in immigration
in costa rica only a few beaches remain that are nesting grounds for sea turtles. some of those beaches have
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