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Midterm ExamIn this module you will complete the Midterm Exam. This exam covers materials from the first half of the course. For this exam, you will download the exam word document from the course menu. The questions should be written succinctly, using the proper terminology, while showing and explaining all work.Submit the Midterm Exam to the Dropbox 1. You have made the decision to pursue higher education. Describe the economist's view of how a decision like that is made. Using marginal analysis, make sure you evaluate the "rationality" of the decision and explain why the following statement is irrational: "Higher education is priceless, so everyone should pursue a degree no matter the cost."2. Recall your readings about Shaq moving furniture and playing basketball. Use both absolute and comparative advantage to explain the following: Suppose you have one partner for a school project requiring both math and writing skills. If you are better than your partner at both math and writing, does this mean you should be responsible for both parts? Use comparative and absolute advantage to explain. 3. The Econville News reports the invention of a machine that allows cows to milk themselves. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.4. The Econville News reports that drinking at least 8 ounces of milk a day increases bone density 10% over a life time. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.5. Consider a time in your life when you have benefited from an externality and a time when you have suffered from an externality. Make sure to clearly describe your role and the type of externality. What is your opinion about the role of government in each of these situations?
Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? What are the equilibrium price and quantity of tickets?
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
Suppose that you value a hat from your favorite university at $20. The university bookstore has the hat on sale for $15. You purchase the hat but lose it on the way home. What should you do? Assume that losing the hat does not alter how you value it.
Jessica's preferences can be represented by a utility function: U(x, y) = max(x, y). Consider a bundle { x = 10, y = 3 }. Draw Jessica's indifference curve containing this bundle. Explain why her preferences are "non-convex"
Movie attendance dropped 8 percent as tickets prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have ch..
a. List and fully describe the five stages of international development which a firm could consider or adopt when it decides to expand its operations outside its domestic market (s).
in 2010 many unskilled workers in the united states earned the federal minimum wage of 7.25 per hour. by contrast
Write out a regression with quarter dummies (use summation notation to be compact). How is this same as a time fixed effects regression? Write out a regression equation with a variable “time,” which takes on the value 1 at the beginning of the sample..
What would be the advantages and disadvantages of a regulatory system in which , rather than having the FDA merely published its opinions about the safety and efficiency of drugs and the allowed physicians
What are the difficulties in measuring this within one country and making comparisons of the standard of living of people in different countries?
The clinic has hired an efficiency expert to examine its operations and make suggestions for reducing costs.For some of the medical procedures done at the clinic, experienced nurses can perform the medical tasks approximately
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