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Respond to the following questions:
Spending by the consumer sector is the driving force in the US economic system. Although the business and government sectors make a considerable contribution to the success of the economy, it is the spending by the consumer or household sector of the economy that determines prosperity or recession in the economy. Do you agree or disagree with this argument? Why or why not? Support you answer with examples and references of how the business and government sectors of the economy are crucial in supporting spending by the household sector. How has the spending behavior of the government sector changed over the past decade, and what effect have these changes had on the economy?
Decision making in a business environment requires an understanding of cost and revenue data. This includes an understanding of marginal and incremental analysis, as well as basic cost and revenue relationships. Explain how a basic understanding of these concepts, as well as of managerial economics, can enhance the managerial decision-making process. Support your answer with examples and references.
Justify your choices with valid assumptions and logically driven arguments. Cite any sources using APA format.
Assume the market for used cars is set up as in the table below. There are two types of cars: lemons and peaches. Peaches are more reliable than lemons and thus have a higher value to both buyers and sellers. Sellers know the quality of their car, bu..
Illustrate what we didn't realize at the time was that our fixed costs were underestimated by at least 30 percent. This means that we will have to adjust our price upward by at least.
Identify one policy that is aimed at youth unemployment in the united states. Describe the specific social problem that the policy is aimed to address. What is the current situation and how did this problem evolve (did it become worse / better)? (2 p..
The following activities would not be included in the GDP: the purchase of a new car, gratuities at a restaurant, and payment to a neighbor for lawn-mowing services. Identify three more examples of transactions that would not be included in the GDP. ..
Enlighten these concepts in terms of specialization, opportunity cost, trade as well as comparative advantage.
Identify firms that periodically shut down their operations. What are the conditions that exist when they shut down their operations and the conditions that exist when they resume their operations? Explain your reasoning.
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Graph Bill’s budget constraint..
An increase in capital per worker will: Technological progress will: If technology advances, then:
Hotelling’s Model (10pts) Consider the Hotelling’s model with three players, each chooses a policy position on the real line. Is all three players choosing xm (the ideal policy of the median voter) a Nash equilibrium? Explain your answer.
You work in a hospital where there is a patient that is 85 years old on a ventilator. A nurse sees from the patient's old records that the patient is a do not resuscitate (DNR), but the physician orders full treatment, including resuscitation. The nu..
For the following questions, identify whether it is a change in supply or a change in quantity supplied. Indicate the direction of the change (increase or decrease).
Because the U.S. postal service is a monopoly and Congress sets postal prices through legislation, market forces do not determine stamp prices. New York City government auctions taxi medallions that give the right to transport passengers by taxi. Bec..
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