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Practice work Question: If firms enter a purely competitive industry, then in the long run this change will shift the industry:
A. Demand curve to the left, and the individual firm's demand curve will shift down
B. Demand curve to the right, and the individual firm's demand curve will shift up
C. Supply curve to the right, and the individual firm's demand curve will shift down
D. Supply curve to the left, and the individual firm's demand curve will shift up
You have just been appointed as the economic advisor to the president, who wants to fulfill his campaign promise of a tax cut for all deserving taxpayers. Two proposals are on the table. The first proposal suggests elimination of income tax for peopl..
Calculate the Income elasticity of Demand first and then give your explanations for both questions
Describe the cost function and explain the difference between a short-run and a long-run cost function. Describe the elements of a cost schedule which can be derived total, fixed, and variable costs. Compare and contrast the short-run cost function a..
Policies established by the World Bank and the IMF have been the subject of much criticism, especially from the developing world. Why might developing world nations be critical of these policies? Do you think the policy actions are justified? Explain..
Let x be eggs and y be bagels. An individual utility function is given by U(x, y) = ½ x + 1 y. This individual budget constraint is 4 = 2 x + 1 y. (You are encourage to draw this individual indifference map and budget line). At the point at which thi..
Project B will return a profit of $2.00 of conditions are poor, a profit of $3.00 if conditions are good and a profit of $4.00 if conditions are excellent. The probability distribution of conditions is as followed.
What do temporary changes in the tax code do for incentives? Does this encourage long term planning? Should the government encourage long term planning? Should the Government use tax policy to change behavior?
A condition necessary for a market to achieve economic efficiency is that the market:
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. What ..
Two street racers are playing a simultaneous game of chicken. They have to race towards each other and whoever swerves first is chicken and faces shame, a loss of 8, while the winner enjoys a gain of 3. If neither stop, they would crash into each oth..
Linda made a deposit of $400 in her savings account 5 years ago. in the first year her account was earning 6%, but she did not deposit any money. in the second year her interest increased to 8%, when linda knew about the increase she deposited C amou..
Consider an investor who, on January 1, 2016, purchases a TIPS bond with an original principal of $100,000, an 8 percent annual (or 4 percent semiannual) coupon rate, and 10 years to maturity. From your answer to part a, calculate the inflation-adjus..
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